WH Smith has revealed a drop in High Street sales amid talks of selling 500 of its UK shops. Its High Street sales fell 6% in the 21 weeks to January 25, covering the key Christmas period, down 3% on the previous year.

The group said total high street sales dropped 6% in the 21 weeks to January 25, down 3% on a like-for-like basis, while travel shops saw 6% growth.

British retailer WH Smith Plc’s potential sale of its high street business risks triggering an event of default on its debt, according to the convertible bond desk at Jefferies.

Find out which brands are shutting doors for good next month as some of the country's biggest names announce a wave of store closures