UK’s Phones 4U goes into administration threatening 5596 jobs

The privately owned mobile phone retailer has announced overnight that it’s going into administration

The chain, which is owned by private equity firm BC Partners, said its 550 stores would all be closed today ( Monday).

Phones 4U blamed mobile network EE’s decision not to renew its contract for the move, which came after Vodafone recently made a similar decision

In this day and age when mobile service providers tend to be the ones supplying phones, either on new contracts or upgrades, the demise of the phone retailer is not exactly a surprise, but the potential loss of 5596 jobs is not to be sniffed at and another indication of troubles on the UK’s high streets.