KITCHENER — Budds, an institution in downtown Kitchener for almost 90 years, is closing early next year.

"We have decided, after much soul searching, to retire and close our stores at the end of January 2016," the Budd family said in a letter released Thursday.

"We're announcing this now to give all of our loyal staff and customers several months' advance notice," says the letter from brothers Howie and Stan Budd, their wives Lynda and Esther, and Howie and Lynda's son, Jeff.

Also closing are the retailer's stores in Guelph and Simcoe.

The letter does not explain the reasons for the closing, but notes that "through good and bad economic times, the advent of big box stores, and online shopping, we have been fortunate to remain a successful and respected business."

Budds opened in 1926 when Lou Budd, a travelling sales rep from Saint John, N.B., persuaded his three younger brothers —Jack, Mort and Nat — to join him in Ontario to acquire the Davis Economical Store in downtown Kitchener.

The policies for the original Budds store included offering service, quality, selection and style at reasonable prices; and being scrupulously honest about advertised bargains.

The store initially was located at 277 King St. W. It moved to larger quarters at its current location at 165 King St. W. in 1933. Toronto Maple Leafs stars King Clancy and Charlie Conacher, friends of Nat, signed autographs at the official opening of the new location.

For the grand re-opening, Budds advertised men's wool suits with two pairs of pants for $12.95. Work shirts could be had for 49 cents.

The brothers opened a store in Guelph in 1931 and added an outlet in Simcoe in 1937.

Brothers Howie and Stan, sons of Nat, got involved in the company in 1960s. They were introduced to the business as youngsters, helping out by doing jobs such as sweeping the floors and making boxes.

Howie and Stan expanded the Kitchener store in 1986, the 60th anniversary of the business. In 1997, a third generation of the family became involved in the business. Howie's son, Jeff, came on board to manage operations and advertising.

In a story published in The Record in 2006, marking the 80th anniversary of the business, Howie attributed the company's success to its local ownership.

"We are on the floor every day talking to the customers and so we know what they want," he said. "People count on us to be able to find what they want, and if we don't have it, we will find it for them."

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The letter announcing the closing credits the company's staff for establishing its reputation for unequalled one-on-one personal service.

"Their professionalism, knowledge and friendly service have been second to none," the letter says. "We are so proud to have been able to staff our stores with these wonderful people."