British handset retailer Phones,4u on the verge of bankruptcy, 550 stores suspend business

BBC Radio reported that as the British operator EE decided not to extend the store contract in Friday, the British independent mobile phone retail store phones,4u to enter the supervision stage (administration, similar to bankruptcy). The decision means that more than 550 phones,4u stores in the UK will no longer be in normal business today, with no authority to sell any mobile phone or carrier packages, and that more than 6,000 of the company's existing employees will release a specific compensation plan on Monday. "Today is a very bad day for both our consumers and our employees," said David,kassler, chief executive of Phones,4u. If the mobile network provider continues to support us, all of our business will be terminated. At its peak, the company created 100 million of dollars in profits, and now thousands of employees have been forced into administration. "The company was founded by John,caudwell in 1996, with subsidiaries including Mvno,life Mobile (owned by operator EE), online electric dealer Dialaphone (acquired in 2008) and mobile insurance business, In 2006, it was possible to sell 26 handsets per minute, with more than 10,000 employees.