Restructuring plan involves writing off debts to suppliers and cutting rent for many landlords
Up to 150 former WH Smith high street stores are to close after the high court approved a swingeing restructure that could affect thousands of jobs.
The retailer, which has 450 stores and employs about 5,000 staff, was bought last year by the private equity firm Modella Capital, which also owns Hobbycraft, and rebranded as TG Jones.
Continue reading...Retailer plans to shut unprofitable stores as falling US airport traffic due to Middle East conflict hits trading
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WH Smith has issued a profit warning after shopper numbers at its stores in US airports fell as a result of the war in the Middle East, prompting the company to raise fresh capital from investors.
The retailer, which operates 1,200 outlets globally in airports, railway stations and hospitals, raised £102m through a share sale on Wednesday to strengthen its balance sheet, pay down debt, invest in technology and shut down unprofitable stores after “a downturn in trading conditions”.
Continue reading...Under terms of deal with Hobbycraft owner, 233-year-old brand will become TGJones
WH Smith is to sell its 480 retail stores to the Hobbycraft owner, Modella Capital, in a deal worth £76m, and has confirmed that the 233-year-old brand will disappear from the high street after a “short transitional period”.
Under the terms of the deal, the high street business, which employs 5,000 staff, will be rebranded as TGJones. WH Smith is retaining its brand for its travel shops.
Continue reading...British retailer says it plans to explore strategic options for the future of its stores
WH Smith is exploring potential options for its high street business, including a sale, the British retailer said.
More details soon …
Continue reading...WH Smith, Marks & Spencer and Argos among more than 200 firms that failed to pay workers legal minimum wage
Some of the UK’s best known retailers including WH Smith, Marks & Spencer, Argos and LloydsPharmacy are at the head of a list of more than 200 companies collectively fined £7m for failing to pay the legal minimum wage.
The businesses were also forced to pay out £4.9m to about 63,000 workers left out of pocket after violations of the rules were uncovered by inspectors at HMRC, varying from breaches related to asking workers to pay for aspects of their uniform to paying the incorrect apprenticeship rate.
Continue reading...Firm reports £63m profit in year to August and prepares for strong Christmas sales at travel hubs
WH Smith will pay a dividend for the first time in three years as it expects a strong Christmas after a return to foreign holidays helped the books-to-stationery retailer return to the black.
The company reported a £63m profit in the year to August, after a loss of £116m a year earlier, as sales soared 58% to £1.4bn.
Continue reading...Deliveries will start in Reading, as the takeaway service continues its expansion into new areas.
Books, stationery, phone chargers, toys and exam study guides are the latest items to be ferried to customers on fast-track delivery bikes via a partnership between WH Smith and Deliveroo.
The high street retailer will offer 600 products for delivery in as little as 20 minutes, joining similar services offered by supermarkets, pharmacies and takeaways.
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