Downtown pawn shop closing its doors after 40 years

Downtown pawn shop closing its doors after 40 years

TOLEDO, OH (WTOL) - It will be the end of an era in downtown Toledo Sunday.

Standard Loan is holding an auction and then closing, a pawn shop where folks have been going for forty years to make ends meet.

Most come here when they can't turn to a bank or a friend for a loan.

They bring items to hock but sometimes never return to pick them up.

"They need gas money, beer money or diaper money or something unexpected. They need to get a quick $100 for something. Many come back to pick up items once they get the cash. We run a ninety percent redemption rate," said shop owner Nick Koka.

What's not been redeemed is being auctioned off on Sunday.

Watches, guitars, coins, jewelry, paintings, wagons, cameras-everything must go.

"There are no reserves. Everything here is to sell. Whatever the highest bid will take the product home that day," said auctioneer Tim Wolf.

Mr. Koka says he's closing the shop because he's out of money and had some personal setbacks.

He's found the pawn shop business hasn't changed, just the merchandise being brought in.

And not everybody coming in is down on their luck.

"You got a lot of people looking, inquiring value. Not only just to sell but to know where they're at with items," said Mr. Koka.

The auction begins at 12:00 p.m. on Sunday.

Standard Loan is located at 701 Monroe Street not far from Fifth Third Field.

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