A two-way shootout for WH Smith’s high street chain will take place this spring as the 233-year-old retailer’s brand prepares to disappear from towns across Britain.

Sky News has learnt that Alteri and Modella Capital, both of which specialise in buying troubled retailers, are now the only two remaining parties in talks with WH Smith and its advisers about a potential deal.

Doug Putman, the owner of HMV and widely tipped as a logical bidder for the chain, is no longer in talks with bankers at Greenhill, although he could yet try to pitch a new offer before the auction concludes, according to insiders.

Alteri, which owns Bensons for Beds and had a disastrous spell in control of Missguided, the fashion brand, and Modella, which recently bought The Original Factory Shop and also owns Hobbycraft, would be expected to conduct major surgery on WH Smith’s high street business if they took control.

A definitive deal could be announced at the time of WH Smith’s interim results in April.

Sky News revealed in January that WH Smith’s London-listed holding company was looking to offload the high street business, which comprises more than 500 shops.

If completed, the deal would leave WH Smith as a company focused on its more lucrative travel retail operation in airports, railway stations and hospitals, which comprises about 1,200 stores globally.

A sale of its high street arm would mark a watershed moment for the UK high street, which first saw the appearance of the name in 1792.

The business, which specialises in selling items such as greeting cards and stationery, employs about 5,000 people across the country.

A WH Smith spokesman declined to comment.

Russian special forces crept through a disused gas pipeline for several miles to launch a surprise attack on Ukrainian soldiers in the Kursk region, Ukraine’s military and pro-Moscow war bloggers have said.

Footage circulating on the Telegram app claims to show the elite soldiers crouching as they make their way through the darkness of the pipe to the town of Sudzha.

Some can be heard cursing in Russian and complaining about the commanders who sent them on the mission.

One of the soldiers is heard saying: “F*****g hell, where the f*** are we, boys?”

Another says: “Where does the pipe go? To Sudzha, for f**** sake, that’s f***ing crazy.”

Later in the clip a soldier is heard saying: “We’ll get there of course, but indignantly, because we’re f*****g sick of the f*****g command.”

He later adds: “They took our f*****g assault rifles too.”

Two of the soldiers are seen smoking cigarettes while a separate image shared on Telegram shows an operative wearing a gas mask.

Ukraine war live updates

The special forces soldiers walked around nine miles (15km) through the pipeline which Moscow had until recently used to send gas to Europe, according to Telegram posts by Ukrainian-born pro-Kremlin blogger Yuri Podolyaka.

In the footage, the soldiers suggest the mission requires them to walk seven miles through the pipe.

Mr Podolyaka says some of them spent several days in the pipeline before striking Ukrainian units from the rear near Sudzha.

The operation formed part of efforts by Russia to recapture areas of Kursk which were seized by thousands of Ukrainian soldiers in a shock offensive in August last year.

Another pro-Russian war blogger, who uses the alias Two Majors, said a major battle is under way in Sudzha after Moscow’s special forces crept through the pipe.

Meanwhile, Ukraine’s general staff confirmed on Saturday that Russian soldiers had used the pipeline in an attempt to gain a foothold, but airborne assault forces promptly detected them, and they responded with rocket, artillery and drone attacks that destroyed Moscow’s units.

“The enemy’s losses in Sudzha are very high,” the general staff reported.

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It comes as Ukraine’s Air Assault Forces shared a video on Telegram on Saturday which it claims shows Kyiv’s forces repelling Russian forces in Kursk with airstrikes.

Sky News has not independently verified the footage.

Months after Kyiv’s forces seized parts of Kursk, Ukrainian soldiers are weary and bloodied by relentless assaults of more than 50,000 Russian troops, including some from Moscow’s ally North Korea.

Tens of thousands of Ukrainian soldiers run the risk of being encircled, open-source maps of the battlefield showed on Friday.

Meanwhile, Russia’s defence ministry said this morning that it had captured a settlement in Kursk and another in Ukraine’s Sumy region.

Russia also launched heavy aerial attacks overnight on Ukraine into Saturday – with at least 22 people killed, including 11 in the frontline town of Dobropilla in Ukraine’s embattled eastern Donetsk region.

Ukrainian president Voldymyr Zelenskyy described the attacks as a “vile and inhumane intimidation tactic” by Russia.

The attacks come after the US paused military aid and the sharing of intelligence with Ukraine this month after a meeting between US President Donald Trump and Mr Zelenskyy descended into a confrontation in front of the world’s media.

The Trump administration’s stance on Ukraine and apparent favouring of Moscow has sparked concern among European leaders.

Latvian President Edgars Rinkevics told Sky News on Sunday that European countries should “absolutely” introduce conscription as he conceded the continent was “quite weak” militarily in the face of the Russia threat.

Meanwhile, Russian officials have been criticised after presenting mothers of soldiers killed in Ukraine with gifts of meat grinders on International Women’s Day.

Russia is often accused of throwing its troops into a “meat grinder” with little regard for their lives.

The local branch of government in the northwestern Russian town of Polyarniye Zori defended itself against the backlash, saying critics were making “callous and provocative interpretations” of the gifts.