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.

High streets across the UK face big changes this month as the retail sector prepares for a fresh wave of store closures.

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.

The news comes just days after the company confirmed discussions about potentially selling off its high street stores to concentrate on its larger travel operation.