The Scholarship Foundation announced Wednesday that it will be closing ScholarShop, its beloved resale retail division, in 2017.

The foundation launched ScholarShop in 1960 to support its mission to provide interest-free loans to students who couldn’t otherwise afford a postsecondary education.

But revenue from the nonprofit resale business has steadily declined in recent years. At its height, the resale business raised more than $1.3 million a year; last year, it generated about $900,000 toward the foundation’s annual $7 million budget, said Faith Sandler, executive director of the Scholarship Foundation.

The ScholarShop will continue to accept donations through the end of the year and will likely remain open until mid-2017. A centralized warehouse facility will continue to restock the sales floor each day.

The eventual closures of both locations in Richmond Heights and Webster Groves will decrease the foundation staff by 28.

Sandler said that while the closure will disappoint many longtime shoppers, the organization’s mission “is not to provide shopping opportunities” but to assist students.