A family-owned chain of stores that's been around for nearly 60 years has announced they're permanently closing all locations.

Performance Improvements Speed Shop was founded in 1964 by Bob and Susan McJannett, with a humble goal of making just $50 per month for rent by selling car parts.

They grew to open locations in Toronto, Barrie, Hamilton and Quebec. At one time they had nine stores, but by now have three left. Bob and Susan had passed on the chain to their sons Andy and Rob.

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"After losing our mom a few years ago and our dad this June, my brother and I have been forced to reckon with how short life is and how it can change in an instant," says Rob McJannett, vice-president. "While we were born into this life, working in our parents' literal dream job, it was never truly our dream."

The chain has been known for their wide range of auto parts and expert installation advice. They've also been known for their wild sales, and they plan on continuing that tradition as they close.

"When the business started in 1964, a 30-year-old car was a 1934 Ford and a brand new car was a 1964 Chevy and we had lots of parts for both to improve their performance," Rob McJannett tells blogTO.

"Today a 30-year-old car already has fuel-injection & ABS brakes and on some brand new cars you can't even find the engine under the hood. The business has changed, the cars have changed, the customers have changed...it's time to move on."

They're now having an everything-must-go closing sale with discounts up to 25 per cent, though discounts should get deeper as time goes on.

"The building will be going up for sale shortly, but we have lots of work to do before it is cleaned out," says McJannett. "After September 30 we will consolidate what remains from our other two stores and have a liquidation sale of the remaining products and fixtures probably some time in October."

The clearance sale is already going on, and the family business will close its doors for good September 30.

"Future plans include finally taking a well deserved vacation," says McJannet. "Both my brother and I have hundreds of unused vacation days from over the years."