Economic Downturn Leads Dean’s Clothiers to Announce Quitting Business Sale

CHESTERFIELD, Mo. – A combination of factors punctuated by the prolonged economic downturn has led Dean’s Clothiers to announce a quitting business sale that begins for the public on Nov. 4, owner Dean Goldenstein said today.

Goldenstein, who founded the men’s wear store 15 years ago, noted that the long-running trend toward casual attire, increased competition from online retailers, the loss of sales during the persistent recession, and soaring costs have pushed him to close the business. He began working as a men’s wardrobe consultant at the age of 18.

“It all plays together. Given the current economic conditions, it’s not a good small business environment,” he explained. “Under these circumstances, I just don’t feel comfortable making any further long-term financial commitments. As a business owner, you feel like you’re letting your employees down, as well as the loyal clients of the store, but you have to look out for your family’s future and cut your losses at a certain point. Unfortunately, I’m at that point.”

He continued, “We’ve had a great number of customers who have experienced a job loss or have been forced to take early retirement or they’re business owners who have also been affected by the economic downturn. That’s resulted in a substantial decrease in their spendable income. Some have rejoined the work force as consultants, so the demand for business attire has decreased. People used to buy three or four suits at a time and now if they buy one it’s just for a special occasion like a wedding. And, we’ve experienced a reduction in the number of employees due to that change in buying habits.”

Goldenstein will sell the entire inventory of his store, located at 14847 Clayton Road, in a sale that opens to the public on Thursday. Initially, store hours will be 9:00 a.m. to 8:00 p.m. Thursday and Friday, Nov. 4 and 5; 9:00 a.m. to 4:00 p.m. on Saturday, Nov. 6; and 11:00 a.m. to 3:00 p.m. on Sunday, Nov. 7. Thereafter, the store will be open 10:00 a.m. to 8:00 p.m. Mondays through Fridays, 9:00 a.m. to 4:00 p.m. on Saturdays and 11:00 a.m. to 3:00 p.m. on Sundays.

Goldenstein said the closing is especially difficult after working through past economic highs and lows as he served a marketplace niche described in the store’s tagline “Towering style in big, tall and small sizes – like no other store in St. Louis.”

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