Detroit — The owner of longstanding Detroit retailer J.L. Stone Co. and Cash City Pawn said Tuesday he will retire and close both stores and sell the properties on Broadway and Randolph streets to Bedrock.
The family business was started as a men's clothing store in 1929. Stone began working as a stock boy at the store in 1952 and purchased it in the early 1970s. Cash City Pawn opened its doors in 1992.
“To have worked in downtown Detroit for so many years has been one of the great joys of my life. I want to spend more time with my grandkids and thought it was the right opportunity to sell," Sheldon Stone, 78, told The Detroit News.
Stone said in a statement Tuesday that when he decided it was time to retire, he reached out to Bedrock to purchase the buildings. J.L. Stone Co., at 1231 and 1237 Broadway Street, neighbors the old Henry The Hatter location, which moved in 2017 to Eastern Market after 65 years on Broadway.
"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 said.
Cash City Pawn, 1300 Randolph Street, has stopped accepting pawned items and Stone will hold liquidation sales of both businesses prior to the store closings.
Stone told The News he received many offers over the years to purchase the property or expand the stores, but didn't consider it. "From a business standpoint, we wanted to focus on one store and make it great," he said.
Dates and details for the liquidation sales at both businesses will be announced soon, according to the statement released Tuesday.
“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 statement. “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.”
For now, take a view inside J.L. Stone here: