November 28, 2014 at 4:32 p.m.
After more than 25 years, Golden Karat closing Rhinelander store
After more than 25 years, Golden Karat closing Rhinelander store
A firm closing date has not yet been set but Michaels said it's likely Jan. 1, 2015 will be the store's final business day.
"We're probably looking at the first of the year. We could entertain keeping it open a little longer if we have to - we've got to move stuff out of here," he said.
"We're trying to give ourselves at least three to four weeks to make the move and get everything out of here. But, I think the official date will be (Jan. 1) unless we put in an extension for a few days."
Michaels said he is hoping to sell everything in the store.
"We're starting out with tremendous markdowns. We've gotten an overwhelming response to that," he said. "As we keep getting deeper into the season, we'll keep discounting more. Our intention is not to keep this inventory. We want to move it all. We just don't have room in Minocqua for all this, so we want to sell it all."
"There's an old saying we jewelers have, that there's no price set in stone," he added. "So, I encourage everyone to come on in, see if there's something you like and we'll work to negotiate a deal."
Frequently, businesses close for one of two reasons -- either the business is no longer viable, or the owners are ready to ride off into the sunset after a long and successful career. Michaels and Root fall into the latter category.
"I think one of the biggest reasons is the fact that my partner and I have been doing this for 38 years, and that we want to condense the stores down to one facility. That way, we can get more time off to spend with our families and grandkids," he said.
"Economics didn't play that big of a role in it. I think it was more or less the fact that we wanted to pull our horns in a little more than anything."
The Golden Karat store in Minocqua will remain open and Michaels said the company is using this opportunity to expand into the world of the Internet as well.
"The industry is changing, there's no doubt about it. The younger generations are more relaxed at shopping on the Internet, obviously, and I would even say the elderly are starting to shop more on the Internet, too," Michaels said.
"Jewelry has changed to a big degree in that way, believe it or not. It's also become very competitive. I could open a store in the basement of my house and it wouldn't cost me hardly a penny because I don't have to inventory anything. If I know the sources, and if they're willing to do business with me, I can just have everything dropped-shipped."
"A lot of people don't realized to keep a viable business open - to have the employees, the overhead, the time, the utilities, the mortgage, the rent, whatever it may be - that's all normally about 15 to 20 percent of your gross," he added. "You save all of that by being on the Internet. That has changed this business a lot. You can scan on the Internet thousands of pieces. No jeweler can stock that much. It's impossible."
Michaels said he's looking forward to diving into the realm of online shopping.
"We're looking forward to exploring that area better," he said. "It's new and exciting for us. After 38 years, it's something new and different. And it gives us the opportunity to spend more time with our grandkids."
The website is still under construction, though Michaels said he hopes to have it up and running soon.
"This gives us an opportunity to rebuild the whole (site) the way we want to do it," he said. "I would say we'll have it going before spring. We're looking forward to having a really nice website."
Before any of that happens, however, it's time to say goodbye to Rhinelander.
"We're going to miss being here, there's no doubt it. We've been here for 27 years. We were downtown originally and then we moved here to the Lincoln Street Plaza about 12 or 13 years ago," Michaels said. "It's been hard, facing all the people that come in the store. They say they're really going to miss us, and we're going to miss them. We've had an unbelievable response. So many people have asked us to please not close. This is a hard decision that comes in everybody's life. There's a certain time when you have to think about your future. We've got our time in. We've all served our time at some point in life and now is the time for us to start enjoying life more."
One of the most bittersweet things about closing a business is looking back and remembering all the special moments you've experienced. Michaels has a wide range of stories from his time in the Rhinelander store. He shared a rather heartwarming story from just the other day.
"We had a good one the other day. We're giving these turkeys away and this gal ran in the store at the last minute. She was from out of town, like Crandon or Eagle River or some place like that, but she said she had a neighbor that really, really needed a turkey for Thanksgiving," he said.
"We sent out a flyer with numbers on them to match up with these turkeys, and she came in and told us about her neighbor, and as luck would have it, she won a turkey. It put tears in everybody's eyes. There were even other customers in the store that had tears in their eyes. It was just one of those moments you'll never forget."
Some of the stories Michaels shared were a little more humorous.
"I had a guy that put the diamond ring in a snowball at Christmas and handed it to his girl and told her to open up the snowball," he said.
"She went and threw it in the woods. She thought it was just fun, throwing the snowball, not knowing what was in it."
While he didn't mention whether that couple lived happily ever after, Michaels and Root have helped a lot of couples seal their commitment to each other by exchanging Golden Karat rings.
As he prepares to close the Rhinelander store, Michaels said he and Root want to thank the community for allowing them to be a part of so many special moments.
"It's a nice, close town. It's been a great town to raise kids in," he said. "We're going to miss being here. We just want to thank everyone for helping us and supporting us. If it wasn't for all of our customers, we wouldn't be where we are."
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