WH Smith’s historic high street chain is on the brink as buyers weigh drastic closure plans.

WH Smith’s high street division is hanging by a thread, with only two potential buyers left in the race to take control of its 500-store empire. The troubled retailer, which has been a staple of British shopping streets for over two centuries, is now on the verge of a massive shake-up that could see stores shuttered and thousands of jobs lost.

Alteri and Modella Capital—both known for acquiring struggling businesses and making ruthless cuts—are the only bidders still in talks, according to reports. WH Smith announced in January that it was looking to offload its high street stores in a desperate attempt to focus on its profitable travel division, which operates in airports, train stations, and hospitals across the UK and beyond.

Sources suggest the sale could be finalised as soon as April, with analysts warning that a takeover could result in the closure of a significant number of WH Smith’s high street locations. The future looks uncertain for the 5,000 employees working in these stores, as retail insiders predict that the new owners will slash costs to make the business viable.

Canadian businessman Doug Putman, who owns HMV and was previously seen as a frontrunner to rescue the chain, is reportedly no longer in the running. His exit leaves WH Smith’s high street fate in the hands of two firms with a history of aggressive restructuring.

Alteri, which owns Bensons for Beds, previously controlled fast fashion brand Missguided before it collapsed into administration in 2022. Meanwhile, Modella Capital acquired Hobbycraft in 2024 and is no stranger to retail overhauls. If either of these firms take control, drastic measures are expected.

WH Smith’s high street division has been struggling for years, failing to keep up with changing consumer habits and the rise of online shopping. Its travel arm, however, remains a powerhouse, accounting for three-quarters of the group’s revenue in the last financial year. This stark contrast explains the company’s decision to cut its losses on the high street and invest in its more lucrative ventures.

Recent sales figures paint a bleak picture—while WH Smith’s travel stores saw rising revenues, the high street arm reported falling sales in the 21 weeks leading up to 25 January. The chain’s once-thriving business of selling newspapers, books, stationery, and gifts has been hit hard by declining foot traffic and changing shopping habits.

For many Britons, WH Smith has been an integral part of daily life for generations. Founded in 1792 by Henry Walton Smith and his wife Anna, the company pioneered the concept of chain stores, revolutionising retail in the UK. But now, as yet another high street giant struggles to survive, its legacy is at risk of being dismantled.

If Alteri or Modella Capital seal the deal, it’s almost certain that WH Smith’s high street presence will shrink dramatically. With landlords already struggling to fill empty shops, the closure of dozens—or even hundreds—of WH Smith stores would further accelerate the decline of Britain’s once-thriving town centres.

The next few weeks will determine the fate of WH Smith’s high street division. Will the new owners attempt to salvage what’s left, or will they take the axe to one of Britain’s most recognisable retail brands? For thousands of employees and customers, the uncertainty is unbearable.