British retailer WH Smith said on Wednesday it could cut up to 1,500 jobs as part of a restructuring of its UK store operations, due to significantly fewer customers at its travel and high street shops despite easing coronavirus restrictions.
FILE PHOTO: A company logo is pictured outside a branch of WH Smith in Manchester northern England, March 17, 2016. REUTERS/Phil Noble
Founded more than 200 years ago as a news vendor in London, WH Smith expanded at a host of major airports to take advantage of rising passenger numbers, helping offset the decline of the British high street. Shares in the company jumped to session highs following the announcement and by 1020 GMT were up 2.7% at 1,010.3 pence.
Revenue plunged 57% in July compared to a year earlier, a smaller drop than in the three consecutive months before it.
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