Rob Hunt, a partner at Phones 4u’s administrator, PwC, said: “We have worked rapidly over the course of the week following our appointment to explore interest in the Phones 4u business and we are very pleased to secure a future for a significant number of stores and continued employment for 887 of the Phones 4u people. While this deal remains subject to the approval of the UK courts, we are confident that this represents the best available transaction for the company’s creditors.”
Phones 4u employed 5,596 people before it was forced into administration. More than 3,200 staff remain in fear of losing their jobs.
Question:- Is there ever a winner in these circumstances?
Answer:- The Administrator.