Mobile network EE is set to save 58 Phones 4u stores and nearly 360 jobs after the retail business went into administration.
The £2.5m deal will rescue shops across the country, although locations have yet to be announced.
It remains subject to a court hearing, scheduled for later today, where permission for the sale will be sought from lenders.
Phones 4u operates three stores in Hull city centre and collapsed after Vodaphone and EE decided not to renew deals allowing it to stock their products.
Rob Hunt, joint administrator for Phones 4u at accountancy firm PwC, said: "We are absolutely delighted to have completed this further disposal of 58 Phones 4u stores, which will both recover value for secured creditors and save 359 jobs.
"We consider this represents the best potential outcome for creditors in the circumstances, although it remains subject to the approval of the UK courts."
Administrator PwC last week said 628 employees at the stricken company's head office in Newcastle-under-Lyme would lose their jobs.
However, Dixons Carphone has agreed to hire the 800 people in Phones 4U concessions at its Currys and PC World stores, although this does not apply to any staff in East Yorkshire.
A list of rescued stores is due to be announced later today and an update will follow on this site.
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