Stats’ owner Damon Stathatos said “with great remorse” Sunday that his family’s iconic five-decades-old Pasadena business is liquidating its inventory and much of its physical assets and “will close down sometime in the next several months.”

The closing results from economic factors as well as “the unending and rapidly changing retail environment,” he said.

Stathatos said he “hopes” to reopen as a highly modified version next fall for the Christmas season. He said two smaller shoppes located within the familiar Stats building on North Raymond Avenue south of Green Street will remain open during the liquidation and closing process.

“It had been my vision to continue to add many new ‘shoppes,’ shrinking the main Stats business … but leaving enough to continue its tradition of over 54 years,” Stathatos said, “however we have run out of time and more importantly financing to continue to do this.”

“At this point, we need to completely liquidate all of the current Stats inventory and much of its physical assets … merchandise, shelving, displays, office and warehousing equipment, and the like,” he said.

The Pasadena location was the last remaining location of a family business which at one point had locations in Redondo Beach and Seal Beach.

“Fishbecks, our patio furniture store located next door will remain unchanged,” Stathatos said.

Stathatos said he hopes to convert the roomy Stats building in a kind of Pasadena “Central Market” where outside vendors with unique concepts can lease area kiosks to create an attractive mix of product and activities within the main Stats building.

“If we are able to reopen under this new ‘Shoppes at Stats’ concept we will retain a certain amount of space for a reformulated Stats … more of a boutique version in the north end of the buildings,” he said.

The timeline for the conversion remains unclear, he said, because it depends on securing financing.