Editing WHSmith (section)

===Restructuring===
For several years, the company's retail arm had difficulties competing with specialist book and music chains on one side and large supermarkets on the other. This led to poor financial performance, and a takeover bid in 2004 by [[Permira]], which fell through.<ref>{{cite news |last1=Stevenson |first1=Rachel |title=Permira drops £940m offer for WH Smith |url=https://www.independent.co.uk/news/business/news/permira-drops-acircpound940m-offer-for-wh-smith-554294.html |access-date=27 April 2018 |work=The Independent |publisher=Independent Digital News and Media Ltd |date=23 July 2004}}</ref> The company reacted to this by disposing of its overseas subsidiaries<ref name=overseas>{{cite news|url=http://news.bbc.co.uk/1/hi/business/3652039.stm|title=WH Smith sells Australia business|work=[[BBC News]] |access-date=3 April 2015}}</ref> and its publishing business [[Hodder Headline]], in order to concentrate on reforming its core businesses.<ref>{{cite news|url=https://www.independent.co.uk/news/business/news/wh-smith-sells-hodder-headline-to-french-rival-555290.html|title=The Independent – 404|work=The Independent|access-date=3 April 2015}}</ref>

In August 2006, the company demerged the retail and news distribution arms of the business into two separate companies: WH Smith plc (retail) and [[Smiths News|Smiths News plc]] (newspaper and magazine distribution).<ref>{{cite news|url=http://news.bbc.co.uk/1/hi/business/4901924.stm|title=WH Smith unveils separation plan|work=[[BBC News]] |access-date=3 April 2015}}</ref> In September 2010 WHSmith bought [[The Gadget Shop]] from [[The Entertainer (retailer)|The Entertainer]].<ref>[http://www.retail-week.com/sectors/general-merchandise/whsmith-buys-gadget-shop/5016889.article W. H. Smith buys Gadget Shop] ''Retail Week'', 7 September 2010</ref> That year, it also bought online greeting card retailer Funky Pigeon.<ref>{{cite news|last1=Campbell|first1=Lisa|title=W H Smith 'eyeing Clinton Cards stores'|url=http://www.thebookseller.com/news/w-h-smith-eyeing-clinton-cards-stores|access-date=23 August 2017|work=The Bookseller|date=11 May 2012}}</ref>