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Metairie, LA--Adler's Jewelry, a longstanding New Orleans retailer will close after 127 years following the retirement of third-generation owner Coleman E. Adler II.

[Image via Adler's (Metairie, LA)/Facebook]

According to a report by New Orleans CityBusiness, the company begun a going-out-of-business sale at its Canal Street and Metairie stores, with discounts of up to 70 percent until all inventory is sold.

Adler, grandson of founder Coleman E. Adler I, said he is stepping down after 62 years. "After much thoughtful consideration, I have made the decision to retire. After 62 years in the business, I'm looking forward to enjoying time off," he said.

The report noted that the business, founded in 1898 on Royal Street, moved to Canal Street in the early 1900s and later added a Metairie location. Adler said his four children have chosen independent careers and will not continue the store.

C.E. Adler, who worked with his father for 30 years, said the closure allows both to move forward. Tiffany Adler said she supports her father's decision and plans to focus on her own work in New Orleans. Millie Adler, owner of Latrobe's on Royal Street, said she will continue honoring the family's history through her own business. Mickal Adler, an attorney with Blue Williams, called the closure a milestone in the family's long presence in the city.

As per the report, while the stores will close, the Adler family intends to remain active in New Orleans' civic and business community.

Read the report by New Orleans CityBusiness here.