Pedestrians wearing a face mask or covering due to the COVID-19 pandemic, walk past a WH Smith store in London on August 5, 2020, following the announcement the retailer could cut 1500 jobs, and close up to 14 stores. – WH Smith said on Wednesday that it is planning to cut up to 1,500 jobs, due to the slow recovery from the COVID-19 lockdown. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
Tolga Akmen | Afp | Getty Images
British retailer WH Smith is exploring potential strategic options for its UK high street business, including a sale, it said on Saturday after media reports.
The company was holding “secret talks” about the sale of its entire high street arm, which has more than 500 stores, Sky News first reported on Saturday.
Responding to the reports, the group said: “WH Smith confirms that it is exploring potential strategic options for this profitable and cash-generating part of the group, including a possible sale.”
The company said there was no certainty that any agreement would be reachedand that it would provide updates on the process “as and when appropriate.”
WH Smith’s high street arm is part of the retailer’s more profitable travel business, which has around 1,200 stores across 32 countries.
“Three-quarters of the group’s revenue and 85% of its trading profit comes from the travel business,” it said.