The news comes following the group’s announcement that they made a pre-tax loss of £226M at the year end.
Sales at the retailer’s high street locations decreased by 19 per cent however the brands travel locations were heavily impacted by Covid-19 and the subsequent lack of travel and tourism which meant that the group’s overall sales were down 43 per cent for the year.
Despite the retailers loss, Carl Cowling, Group Chief Executive praises the group on their ability to react quickly and remain agile in this unprecedented time: “Despite the many challenges faced, we responded quickly and took decisive actions to protect our colleagues, customers and the business, including strengthening our financial position,” Cowling comments.
In line with the brands financial results, WH Smith will be renegotiating leases on 120 of its store locations while another 300 leases are due for renewal over the next three years. The retailer is expecting to close around 25 stores pending on negotiations with landlords.
Cowling concludes: “We are a resilient and agile business. The actions we have taken have put us in a strong position to navigate this time of uncertainty and we are well positioned to benefit as our markets return to growth.”
