logo
Beloved store shuts down after 90 years as crisis faces businesses nationwide

Beloved store shuts down after 90 years as crisis faces businesses nationwide

Daily Mail​2 days ago
Frentz & Sons Hardware is closing after more than 90 years of business, becoming the latest victim of the growing retail apocalypse.
Owners of the legendary Michigan store John, Mike, and Chip Frentz, confirmed the heart wrenching news in a Facebook post on July 17.
'While the reasons are personal, we can share that changing economic realities, rising costs, and the challenges of running a small business in today's environment factored into this decision,' the family wrote.
'At the same time, the three of us are now in our retirement years and are looking ahead to the next stage of our lives.'
The hardware store had been a family-owned business since 1932 and a legendary store in the town of Royal Oak.
'We've always prided ourselves on having what you need, especially regarding the unique hardware and knowledge that older homes require,' they wrote.
'But more than that, we've been proud to know so many of you by name, help with your projects big and small, and be a trusted neighbor in the community we love so much.'
The Frentz family did not announce the date the store would shutter, but they said they are in the process of putting the building and property up for sale.
Facebook users were heartbroken to learn about the beloved store's closure, and couldn't help but look back at the fond memories they had of Frentz & Sons.
'My dad used to shop for our Christmas presents in your toy department. As I began to make and show my sculpture and other art I came to you countless times for tools and hardware and paint supplies,' a commenter wrote.
'1962? I had saved $3 in my piggy bank. Mom and dad took me to Frentz to let me spend my first money on an Etch a Sketch. Vivid memory of the whole day,' a customer responded.
'I remember coming here in the 60s with my dad and meeting all the Frentz! Great store and wonderful people to work with,' another person wrote.
'Thanks for teaching a youngster, like me and I'm sure many others, about tools and how to do a job correctly.'
'I went in the store with my dad often in the 50s and 60s and I think that's why I still enjoy and feel comfortable in hardware stores,' a customer added.
Others gave brief shout outs to Mike and Chip, and revealed they became friends with them after meeting them in the store.
Several other customers admitted to being heartbroken, but wished the Frentz family luck on their upcoming endeavors.
The Frentz family began their longtime hardware business in 1925, when Mike's father and grandfather opened their own store.
While running the business, they would pass by a building in Royal Oak when traveling by street car to see relatives.
Mike's father and grandfather discovered a building for sale during one of their trips, which would go on to become the hardware store's home.
'My grandfather was in his 80s at that time, so basically my dad took the business over when he moved to Royal Oak,' Mike told Royal Oak Schools, adding that he was only 21 at the time.
While the business was still selling toys, Mike and his siblings would spend time riding tricycles when the business would be closed on Sundays.
'As I got into junior high, I started working a little bit... My dad would pay me out of the pocket for doing odd jobs,' Mike revealed.
'When I got into high school... I kind of started working more solid hours where I was scheduled and had a regular paycheck. I've been there ever since.'
While Mike and his family are unsure of what the future holds, they plan to be around to serve customers with their hardware needs for as long as they can before the sale of the building is finalized.
Frentz & Sons is not the only business to say its final goodbyes this year.
The family-owned business Trees n Trends is planning to shutter its stores this year after 30 years.
Trees n Trends has been offering 25 to 50 percent off discounts on products from all six locations and will continue operating until everything is sold.
Joann shuttered all of its stores after filing for bankruptcy protection for the second time in two years earlier this year.
The once-popular craft store was a family-owned business from 1943 until 2011, when it was purchased by Leonard Green & Partners. It went on to suffer financial difficulty for several years before shuttering its final locations in May.
Outside of retail, Hector's Café and Diner in New York City served its final customers on July 18.
The diner was a prime restaurant in the meatpacking district frequented by crew members from Law & Order.
Its financial situation and changes in the neighborhood were too much for the business to handle, and its final blow was the city's decision to expand the Whitney Museum and build large offices and a 600-foot residential tower.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold hits five-week high as dollar, yields ease; spotlight on trade
Gold hits five-week high as dollar, yields ease; spotlight on trade

Reuters

time17 minutes ago

  • Reuters

Gold hits five-week high as dollar, yields ease; spotlight on trade

July 21 (Reuters) - Gold prices gained over 1% to hit a five-week high on Monday as the dollar and U.S. bond yields weakened amid uncertainty ahead of a U.S. deadline of August 1 for countries to strike trade deals with Washington or face more tariffs. Spot gold was up 1.5% at $3,398.23 per ounce at 12:12 p.m. ET (1612 GMT), hitting its highest since June 17. U.S. gold futures were up 1.6% at $3,410.40. The U.S. dollar index (.DXY), opens new tab was down 0.7%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year U.S. Treasury yields hit a more than one-week low. "With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive," said David Meger, director of metals trading at High Ridge Futures. The European Union is exploring a broader set of possible counter-measures against the U.S. as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. On the interest rate front, traders are pricing about a 59% chance of a rate cut by the U.S. Federal Reserve in September, according to the CME FedWatch Tool, opens new tab. U.S. Treasury Secretary Scott Bessent said the entire Federal Reserve needed to be examined as an institution. Talk of earlier-than-expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters, Meger said. Gold is considered a hedge against uncertainty and tends to perform well in a low interest rate environment. Data showed the world's leading gold consumer, China, brought in 63 metric tons of the precious metal last month, the lowest amount since January. Its imports of platinum in June fell 6.1% from the prior month. Spot silver gained 2% to $38.94 per ounce, platinum also rose 2% to $1,449.65 and palladium was 2.3% higher at $1,269.64.

Citi hires Vargas from JPMorgan to lead equity capital markets in North America
Citi hires Vargas from JPMorgan to lead equity capital markets in North America

Reuters

time17 minutes ago

  • Reuters

Citi hires Vargas from JPMorgan to lead equity capital markets in North America

NEW YORK, July 21 (Reuters) - Citigroup (C.N), opens new tab hired Bernal Vargas from JPMorgan Chase (JPM.N), opens new tab to lead its equity capital markets division in North America, according to a memo seen by Reuters on Monday. Vargas will be based in New York. He was most recently the head of Americas cash equity sales at JPMorgan, according to the memo signed by Doug Adams, Citi's global co-head of equity capital markets. Vargas previously worked at Merrill Lynch and Goldman Sachs. He will join later this year, the memo added, without specifying a date. Citigroup's head of banking, Viswas Raghavan, has been announcing high-profile hires as the bank expands its investment banking business and revenue. Citi hired David Friedland from Goldman Sachs as co-head of North America investment banking coverage. It also recruited two executives from JPMorgan for its financing business. The lender plans to raise its investment banking headcount in Japan by 10% to 15% over the next year and make new hires in Australia.

World Athletics monitoring outstanding Grand Slam Track payments to athletes
World Athletics monitoring outstanding Grand Slam Track payments to athletes

The Guardian

time34 minutes ago

  • The Guardian

World Athletics monitoring outstanding Grand Slam Track payments to athletes

Sebastian Coe says World Athletics is closely monitoring outstanding athlete payments from Michael Johnson's Grand Slam Track series, admitting: 'There is no point in pretending this is a satisfactory situation.' Johnson unexpectedly cancelled the final Los Angeles leg of his new four-meeting series last month following low spectator numbers at the opening three editions in Kingston, Miami and Philadelphia. The series announced a total prize fund of $12.6m (£9.3m) at its launch earlier this year, but a number of athletes are understood yet to receive payment. It is not unusual for a time lag between competition and remuneration but, given the abrupt end to the aborted first season, runners are increasingly concerned over individual payments that stretch well into six figures. 'It's not good,' said Lord Coe, the global governing body's president. 'The one thing that World Athletics has always stood strongly behind is the athletes. So yeah, this is not a good situation. It's a startup, but the athletes do need paying.' He added: 'For these things to work, they can't be vanity projects. They have to be suffused in practicality and deliverability. I just want the events that are going to add lustre, that we can find space for, and we will encourage them to at least have the courtesy of spending that kind of time and that kind of effort, both intellectual and resource, in making sure they work.' Grand Slam Track champions at each meet receive $100,000 (£74,000) in addition to substantial appearance fees. Britain's 400m Olympic medallist Matthew Hudson-Smith won the short sprint category in Kingston and Philadelphia, with Josh Kerr triumphing in the short distance category in Miami. While Grand Slam Track declined to comment, it is understood agents have been informed that their athletes will receive payment for the Kingston event by the end of this month, with later meet payments following before the end of September. The Guardian understands that some athletes have received appearance money from the opening meet. Asked if World Athletics has the power to intervene on athletes' behalf, Coe replied: 'Well, let's just watch this space.' Johnson's brainchild has been touted as a direct competitor to World Athletics' Diamond League circuit, which had stood unchallenged as the primary season-long athletics competition since it succeeded the Golden League in 2010. Speaking to the Guardian in April, Johnson denied fears that the $30m of investment in Grand Slam Track could run out before he is able to change the sport. 'We're in this for the long haul,' he said. 'Startups aren't profitable in year one. You know, if anybody comes to you with a startup, saying: 'Hey, we're going to be profitable in year one,' run away as fast as you can. But we will continue to grow.' Coe insists he remains fully supportive of privately funded athletics events. 'It was in everybody's interest for something like this to be successful,' he said. 'We're not the 'computer says no' command-and-control federation. Sign up to The Recap The best of our sports journalism from the past seven days and a heads-up on the weekend's action after newsletter promotion 'From the very moment I became president of World Athletics, I talked about the need to be more creative and partner – don't shy away from forming those relationships. So we were very clear that this had to be done properly and executed properly. Hopefully, [create] an additional attraction in the sport.' Meanwhile, Coe confirmed World Athletics remains committed to introducing DNA tests for all elite female athletes ahead of September's world championships. Coe initially announced the policy in March to 'guarantee the integrity of female women's sport'. It will involve a non-invasive one‑time cheek swab or dry blood test. Tests are due to begin in the coming weeks once the World Athletics Council has confirmed procedural regulations.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store