A Toronto clothing shop that's been around for a whopping 70 years is winding down and permanently closing.

Family business Korry's was initially opened at Danforth and Coxwell in the 1950s by Nathan and Saul Korman. President and owner Saul became so well known in the neighbourhood he eventually earned nicknames like "Duke of the Danforth" and "Gentleman of Greektown."

The shop shifted locations, but didn't move far, taking up residence in a vacant Tip Top Tailor nearby. Saul was also joined in the business by his son Shawn in 2009. Sadly, Saul passed away last year.

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While the business resisted moving further away to a potentially more lucrative area, it can arguably be credited for making the Danforth strip what is today in some way. However, now times may have finally changed too much for the local mainstay.

"With the current economic situation, the business is no longer what it used to be," a Korry's representative tells blogTO.

The business is now having a retirement sale in advance of closing for good, with items like winter coats, shirts and dress shoes marked down by as much as 40 or 50 per cent.

The last day for Korry's will be June 11, the shop closing up one week before Father's Day.