J.L. Stone and Cash City Pawn, two shops located in downtown Detroit, will both close after a liquidation sale, according to a press release sent this afternoon.
Sheldon Stone, the stores' proprietor, announced his retirement via the release, noting he will sell the properties to Bedrock following their closure.
According to the release, Stone approached Bedrock regarding the sales of his two businesses, one of which has been in his family since the 1920s.
As the landscape of downtown Detroit continues to change shape, largely molded by Bedrock and other Dan Gilbert-owned companies, Stone says he feels he's leaving the buildings in able hands.
"When I decided it was time, I reached out to Bedrock to gauge their interest in purchasing the buildings," Stone said. "My family has a great deal of history in these buildings and I know whatever Bedrock decides to do with them, they will be good stewards."
Stone began working inside his family's store, J.L. Stone, in 1952 and bought the shop in the 1970s. He opened the nearby Cash City Pawn in 1992.
Now, at age 78, he says it's time for him to move on.
"I have been working in Detroit for most of my life and, at 78, it's the right time to retire," Stone said in the release. "This is not a sad day, it's exciting to see the rebirth of the city and everything going on downtown and I look forward to seeing the continued development."
Stone is promising liquidation sales at both locations, but the dates of those sales has not yet been decided. He is also not disclosing financial details regarding the building sales.