Hamilton Beach will close its Kitchen Collection retail division with the remaining 160 locations scheduled to close by the end of the year.
Company officials said sales will begin at all stores and run through the holiday season.
For more than a year, Kitchen Collection has been shrinking its store count in an effort to focus on those locations that the company felt would support longer-term profitability. While operating losses moderated, the housewares specialty store continued to see declines in comparable store sales.
“Despite our best efforts to return Kitchen Collection to profitability through footprint consolidation, further deterioration in foot traffic has lowered our outlook for the prospects of a future return to profitability and positive cash flow generation,” said Gregory Trepp, president and CEO of Hamilton Beach Brands Holding Company, the parent company of Kitchen Collection.
“We have evaluated strategic alternatives to maximize the value of the Kitchen Collection business and reached the difficult but necessary decision that it is in the best interests of the company and all of its stakeholders to wind down the business by the end of 2019,” he added.
Hamilton Beach has hired Conway MacKenzie to serve as a financial advisor and Hilco Merchant Resources will assist management during the sale process of Kitchen Collection inventory and store fixtures.