Hopes that a last-minute deal could be reached to save Phones 4U have been dashed.
Administrators PricewaterhouseCoopers (PwC) have said the only realistic prospect is to sell off the remaining assets of the mobile phone retailer.
Some bondholders had offered to take a loss on their investment to allow the company to be restructured and sold as a going concern.
Phones 4U employs 5,600 staff at 560 stand-alone stores. which were shut after it went into administration on Monday.
Lawyers representing creditors said earlier they were offering to take a "significant" hit if it meant the firm was then able to strike new contract deals with major networks.
It was the looming loss of EE and Vodafone contracts that pushed Phones 4u over the edge, sparking a bitter war of words on who was to blame for the potential closure of the business.
Phones 4u's private equity owner BC Partners said it had been "shocked" by the networks' decision after they had given pledges of support.
Vodafone said the terms offered by Phones 4u were not in its interest and blamed the company's owner for the stand-off, suggesting it had saddled Phones 4u with debt and was unable to accept a market price.
"We strongly reject any suggestion that we behaved inappropriately at any stage during our negotiations with Phones 4u," it said in a statement.
Sky News revealed on Monday that Vodafone and EE had held talks about a joint takeover of Phones 4u as recently as July but abandoned the proposed deal without explanation.
Both network operators were understood to be involved in talks with administrators PwC on the company's future.
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