WH Smith has announced plans to close 30 stores.
Over the next three years, the group will close six WH Smith stores and 24 Cardmarket outlets that are not making a profit in the challenging high street conditions.
The chain said it does not know how many jobs will be affected but employees will be redeployed to new stores opening in hospitals, airports and other travel hubs.
WH Smith plans to scale back on high street stores following a “detailed review” of the business. Instead of the high street arm, the group will focus more on its operations in travel outlets in airports and railway stations.
WH Smith chief executive Stephen Clarke said: “We had a good year in High Street despite the well documented challenges of the UK high street. During an encouraging second half, the business traded well and we quickly identified the latest trend in the market, becoming a one-stop-shop for all slime related products.”
“Despite this good performance, we are not ignoring the broader challenges on the UK high street and, during the second half, we conducted a business review to ensure our High Street business is fit for purpose now and for the future.”
“While there is some uncertainty in the economic environment, we are pleased with the start to the new year in both businesses, and will continue to focus on profitable growth, cash generation and new opportunities to profitably invest for the future. We are well positioned for the current year and beyond,” he added.
WH Smith reported a 4% fall in pre-tax profits to £134 million in the year to 31 August. This was despite a 2% rise in total sales to £1.3 billion.
The group revealed a 7% rise in trading profit at airport, hospital and railway station stores.
Shares in the group (LON: SMWH) are up 3.78 percent at 1.868,00 (1012GMT).