Losey’s Fine Jewelers in Midland, Mich., will be closing its doors this year.

Phillip Losey, a jeweler who learned his craft at his father’s shop in Alma, Mich., founded the full-service, high-end store in 1931.

In 1967, the Peele family bought the store and operated it until 2003 when Steve Bush—the current owner—took over.

For 81 years, Losey’s served generations of customers. “Last week a customer told me, ‘I remember coming here as a little girl and getting dressed up to go shopping,’” Bush says.

Affected by the high price of gold and a shrinking client base, Bush made the decision to close the store. “The old tradition of a high-end jewelry store no longer makes its mark,” Bush says. “Shopping malls provide more accessibility than standalone stores and more and more youngsters are buying on the Internet.”

The store is currently holding a liquidation sale, offering 60 percent off items until everything is sold. “I am happy to give the community the opportunity to buy at low prices since they are the ones who have supported us for 81 years,” Bush says. “I’d like to thank the customers on behalf of the previous owner and founder.”

Looking forward to the future, Bush is keeping his options open. As the owner of the retail building, he plans on either leasing the area or opening another type of business. “I’d rather start something fresh than try to convert something that wasn’t working,” Bush says.

Although Bush is sad to say goodbye to generations of customers, he feels honored to be a part of the tradition. “We are going out with our heads held high,” Bush says.

JCK