In what turned into a very quick deterioration of its business model, British third-party mobile retailer, Phones 4u, entered into “administration” Sunday evening. “Administration” in this instance, is akin to entering bankruptcy reorganization in the United States.All 720 retail locations will not open Monday morning, putting the prospects of continued employment of the company’s 5,500 employees in jeopardy. The one silver lining in this is that the company will continue to pay employees “until further notice.”
It was not a lack of making money that drove this decision for Phones ...
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