Knotts Hardware, a Tampa, Fla., area hardware store, shut down for good on Oct. 12, according to an article in The Tampa Tribune. Johnny Knotts, whose grandfather Ben founded the store in the 1950s, blamed a poor economy, competition from home improvement chain stores and declining commercial accounts.

The business, located on Main Street in Plant City, Fla., once served commercial customers from phosphate mines and factories. Retail business began to decline as customers moved to suburban shopping centers, Knotts said.

"I feel like I'm letting my grandfather's dream die,” said the 52-year-old. “For a long time I was in denial. But I had to face the hard truth that it's time to close."