Nacco Industries to close more than 50 Kitchen Collection stores

Cleveland- Nacco Industries will close more than 50 underperforming Kitchen Collection stores this year, according to a report in Crain’s Cleveland Business.

The company did not announce which of its 304 stores will be closed, however the closings will occur in the first quarter, the report said.

The company recently reported a $6.9 million loss for 2013, citing decreased mall traffic. In a statement, the company said it saw income decline in the fourth quarter as “primarily the result of reduced sales due to fewer customer visits, a shift in mix to lower margin products at Kitchen Collection and Le Gourmet Chef comparable stores and reduced margins at closed stores from the liquidation of inventory.”

Subsidiary Hamilton Beach Brands is expected to grow only moderately in 2014 as its target, the middle-market mass consumer, continues to struggle with financial and economic concerns, the company said.