The WH Smith name could disappear from the high street after its owner hoisted the “for sale” sign over its legacy retail business, in a surprise move that creates uncertainty for its 5,000 staff.

This weekend, the eponymous parent company, which is listed on the stock market, confirmed it is seeking a buyer for its 500 UK high street stores, in a shake-up that would free it up to focus on its more successful travel arm, which has branches in airports all over the world.

The 232-year-old chain is in talks with a handful of potential bidders, having kicked off the prospective sale process at the end of last year.

While negotiations are focused on its 500 shops – which sell newspapers, books, stationery, cards and gifts – it is understood that the use of the brand itself will be up for negotiation with any prospective buyer.

It could result in the WH Smith brand disappearing from high streets and town centres, while potentially living on across its global travel retail business, which has outlets in train stations, airports and hospitals in 32 countries.

The financial success of its approaching 1,300 travel stores has made them the focus of a potentially slimmed down business, having generated three-quarters of the group’s revenue of about £1.9bn in the year to 31 August 2024.

Restructuring firm Alteri is understood to be among a small group of parties considering a potential bid for the high street stores.

However, the prospect of the high street brand being picked up by a turnaround firm has raised questions over potential job cuts or shop closures. WH Smith’s high street staff – which account for about 5,000 of its 13,870 workforce – are not unionised, meaning there could be fewer hurdles to slashing the workforce.

Commenting on the prospective sale, Kien Tan, a senior retail adviser at PwC said: “The same formula that works in travel stores is no longer sufficient on high streets, where many of its products are available at other retailers or online.

“That doesn’t mean that the high street stores don’t have a future, but they probably will look very different – different products, perhaps incorporating hospitality or other services to give people a reason to visit. That doesn’t mean that WH Smith needs to disappear, but it might have a different brand name above the door to reflect the different customer proposition.”

It is not the first time that WH Smith has tried to find a buyer, having put the entirety of the business up for sale in 2004. While it was close to clinching a deal with private equity group Permira, it was eventually scuppered after failing to come to an agreement about how to fill the £250m black hole in its pension fund.

However, that potential roadblock was cleared in 2022, when the company sold off its defined contribution pension liabilities to Standard Life, in a deal that took those at retirement risk off its balance sheet. There is also speculation that WH Smith’s flopped rebrand of high street stores in 2023 was part of an early attempt to distance it from the travel brand.

The company confirmed the prospective sale over the weekend, saying: “WH Smith confirms that it is exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale … There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”

Alteri was approached for comment.