A whole lot of Put up Workplace branches could possibly be in danger after WH Smith confirmed plans to dump its Excessive Avenue shops.
The retailer, which opened greater than 230 years in the past, has a partnership with the Put up Workplace that provides companies in practically 200 of its outlets. The 2 companies have been working collectively since 2006.
However the way forward for these branches has been thrown into doubt after WH Smith mentioned on the weekend it was in talks to promote its Excessive Avenue shops and concentrate on outlets in transport hubs like practice stations and airports.
The corporate’s share worth can also be anticipated to be sharply in focus right this moment because the Excessive Avenue arm has lengthy been thought of to have been holding again its extra profitable journey store operation.
A Put up Workplace spokesman mentioned yesterday: ‘We’re conscious of experiences concerning WH Smith and are in touch with them to know extra about their plans for his or her Excessive Avenue shops. We’ll stay in touch with them after their replace to the market.’
The Authorities-owned group added it could await an announcement from the retailer to the market right this moment for any readability on the standing of the partnership.
Considerations: WH Smith mentioned it was in talks to promote its Excessive Avenue shops and concentrate on outlets in transport hubs like practice stations and airports
WH Smith’s choice is more likely to gasoline issues concerning the state of the Excessive Avenue after retailers warned a tax raid by the Chancellor in her October Funds would pressure them to shut shops, elevate costs and minimize jobs.
The measures embody hikes in employer Nationwide Insurance coverage contributions in addition to an increase to the minimal wage and diminished reduction from enterprise charges, a levy charged on the worth of business properties.
Final week, the household behind cookware vendor Lakeland introduced that they had put the enterprise up on the market as value pressures mounted following Rachel Reeves’s Funds, placing 1,000 jobs in danger.
Grocery store chain Sainsbury’s additionally unveiled plans to slash 3,000 jobs after its boss warned concerning the impression of Labour’s tax raid.
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