Hamilton Beach Brands Holding Co. announced Tuesday afternoon that it will close all 160 of its Kitchen Collection stores by the end of the year. Hamilton...
Hamilton Beach Brands Holding Co. HBB, +4.58% announced Tuesday afternoon that it will close all 160 of its Kitchen Collection stores by the end of the year. Hamilton Beach said that it would commence sales at the stores in the next few days that will last into the holiday-selling season before the stores - which employ about 800 workers - shut down by the end of the year.
"While operating losses have moderated from the prior year in the first half of 2019, Kitchen Collection continues to experience decreased comparable store sales as a result of declining foot traffic due to the consumer shift to e-commerce sales," Hamilton Beach Chief Executive Gregory Trepp said in an announcement Tuesday afternoon. Hamilton Beach shares have declined 29% so far this year, as the S&P 500 index SPX, +1.00% has gained 18.3%.
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