January 25th 2025.
The British high street has taken yet another hit as WHSmith, a long-standing favorite among shoppers for its magazines, stationery, and puzzle books, announces plans to close hundreds of stores. This comes as a major blow to the brand, which has been in business for an impressive 233 years.
According to SkyNews, the retailer is currently engaged in "secret talks" to sell 500 of its high street stores, resulting in the potential loss of 5,000 jobs. This move would effectively mark the end of WHSmith's high street presence, as the company shifts its focus towards becoming a go-to destination for travel essentials.
Sources have revealed that WHSmith has been in discussions with potential buyers for several weeks now, and an official confirmation of the sale is expected to be made to the London Stock Exchange next week. The brand's success in airports, train stations, and hospitals has been significant, with a reported revenue increase of 7% to £1.9 billion last year. In fact, the company has opened 14 new travel sites in 2024 and has plans to open up to eight more in the coming months.
CEO Carl Cowling stated in the company's annual report to shareholders last November that WHSmith is currently in its "strongest ever position as a global travel retailer." He also added that the company is making excellent progress in this division, expanding its space and product categories to become a one-stop-shop for travel essentials.
WHSmith is also looking to expand its reach in North America, with plans to open 60 new stores and 15 more in major US airports. However, their high street business has not been as successful, with profits declining by 9.3% to £39 million.
The retailer has been approached for comment, and updates can be found on their Twitter and Facebook pages. Readers can now also sign up for daily push alerts to receive the latest news from The Agency directly to their devices.
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