GREENVILLE, Kentucky – October 20, 2014 – After nearly 40 years in business, Uncle Lee’s on Main Street in Greenville is closing their doors. Mr. Lee Fauntleroy, President and owner of the iconic local store, announced his decision today to retire. SB Capital Group leads a joint venture retained to operate a “Store Closing Sale” offering discounts off more than $7.5 million worth of inventory.
Uncle Lee’s, located at 820 N. Main Street in Greenville, first opened their doors in 1975, occupying 32,000 square feet of selling space. After expanding twice over the last four decades, the store today occupies 76,000 square feet and features the largest gun inventory available in the state of Kentucky. With more than 4,800 guns in stock, Uncle Lee’s has an unrivaled selection of firearms, ammunition, hunting accessories, apparel and footwear for the family, and basic items for the home.
Mr. Fauntleroy said his decision to close the store was a very difficult and painful one to make. “After nearly 40 years, you might say I’m a little tired. I want to relax and enjoy my family. I don?t have the option to pass the business on to a successor, so my choices were fairly limited,” said Mr. Fauntleroy. “I explored selling the business, especially since the local and regional economies are so strong. But unfortunately, the size of the business in such a small market brought little interest. The store is doing well, and in fact, we’re coming off of three record years thanks to all of our loyal customers, but I couldn’t find a serious buyer. With that said, I am wrapping up the details to sell our online business. I’m pleased to see at least that part of the business move forward.”
The decision to close the store impacts approximately 90 employees, many of whom have worked for Uncle Lee’s for years. To facilitate outplacement assistance, Mr. Fauntleroy will work with members of the Pennyrile Area Development District which is supported by Workforce Development in job training and the operation of career centers. All eligible employees will receive a severance package, and benefit from a profit sharing plan that has been in place for about 35 years.
Always an active member of the community, Mr. Fauntleroy continues to divide his time between Uncle Lee’s and the various organizations and companies he works with in the Greenville area. Mr. Fauntleroy serves on the boards of Old National Bank, the Muhlenburg Community Hospital, and the Muhlenburg Alliance for Progress. Mr. Fauntleroy also served as the local President of the National Wild Turkey Federation.
In the coming days, all items will be marked down from Uncle Lee’s historically low price, and discounts will be applied to every item in the store including guns and ammunition. Nothing will be held back – Remington, Winchester, Smith and Wesson, Browning, Glock, Under Armour, Drake Waterfoul, Mossy Oak, LaCrosse, Columbia and all the other famous maker items featured in the store will be on sale. Mr. Fauntleroy said the discounts the SB Capital led joint venture will offer will bring increased value to Uncle Lee’s many loyal customers. “A sale of this magnitude is unprecedented in our history,” said Mr. Fauntleroy. “It will be the kind of sale people talk about for years to come.”