I'd own up to it and tell management that it was busy you (your co worker) was doing all of this and your co worker was swamped and heck I would throw in there was constantly interrupted and was alone.

I mean who is to say that was the plan for someone to steal iphones anyways? Find a solo employee, get them busy, get a buddy to interrupt and bam, swiped phones.

As an electronics person I get fed up when I'm alone. High ticket on the floor, customers, rude customers butting in on a conversation to ask you where something stupid like tissues are, phone, etc is a recipe for disaster.

Be honest too though, own up or ask for feedback in what should have been done, because they will go to the cameras to find out who swiped them.

A coaching might come out of it, depends on the management and what is discovered and not to mention I don't know if the co worker is new. I always watch what I have for phones out. I leave one at a time out. If I got two, it's max I hold in my hands.

Will someone steal a laptop behind me off the ladder cart in the meantime? It's possible. Will a customer interrupt me get pissed if I tell them to wait while holding an iphone 12 pro max in my hands? Yup. But it's not worth the theft either. To me, customers gotta suck it up and wait when I'm real by with pH nes or pulling other expensive items out