WH Smith could disappear from UK high streets within weeks
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The big change looming for WH Smith shoppers
- WH Smith is set to finalise the sale of its UK high street chain to Modella Capital, owner of Hobbycraft, by the end of this month for £76 million.
- The deal will result in WH Smith stores on British high streets being rebranded as TG Jones, with approximately 480 stores and 5,000 employees transferring to Modella Capital.
- WH Smith's travel division, including shops in airports, train stations, and hospitals, reported a 5 per cent increase in like-for-like sales for the quarter ending 31 May.
- Half-year results in April revealed a 25 per cent decline in profits for the high street chain, falling to £20 million, prior to the impending sale.
- Russ Mould, investment director at AJ Bell, said that WH Smith needs to step up its performance, particularly in the US, after selling its UK arm.