Both ScholarShop stores, including the one at 8211 Clayton Road near Richmond Heights, are set to close in mid-2017, according to the St. Louis Post-Dispatch.
Revenue from the nonprofit resale business has declined in recent years, Faith Sandler, executive director of the Scholarship Foundation told the Post-Dispatch. The stores raised more than $1.3 million a year in its peak, but last year was down to $900,000 toward the foundation’s annual $7 million budget.
The ScholarShop suffered because of the state of retail in general, Sandler told the Post Dispatch. There are fewer high-end shoppers buying premium designer clothing, which means fewer such donations.
The groups mission is to provide interest-free loans to students who couldn’t otherwise afford a postsecondary education, and that will continue despite the shops’ closing.
The ScholarShop will continue to accept donations through the end of the year.
Read the full post in the St. Louis Post-Dispatch.