Honiton WH Smith under threat as 1,500 jobs set to be cut

Jobs could be at risk at the WH Smith on Honiton High Street as the company struggles to remain financially viable.

The news comes after travel operator TUI announced last week that it would need to close 166 High Street stores.

WH Smith has today said that more than 1,500 jobs could be cut due to their struggles.

Revenue was down 57% in July compared to this time last year and the company is projected to make a loss of over £70 million from the year to August.

This loss of revenue is being put down to a hugely decreased number of customers due to coronavirus restrictions.

WH Smith group chief executive Carl Cowling said: "In our travel business, while we are beginning to see early signs of recovery in some of our markets, the speed of recovery continues to be slow.

"At the same time, while there has been some progress in our high street business, it does continue to be adversely affected by low levels of footfall.

"As a result, we now need to take further action to reduce costs across our businesses.

"I regret that this will have an impact on a significant number of colleagues whose roles will be affected by these necessary actions, and we will do everything we can to support them at this challenging time."