GENEVA – After nearly 88 years in business, Erday’s, at 10 N. Third St., Geneva, will sell its inventory and close, company officials said in a prepared statement.

The oldest retail store in Geneva opened May 1, 1925, when Hungarian immigrant Victor Erday Sr. opened a custom tailoring shop at 8 N. Third St., according to the Erday family that still owns the business and building. The current store was built in 1930.

Owner Victor Erday declined to comment, referring all questions to the prepared statement, which describes the business as a third-generation family operated store. The statement notes the store was challenged by competition with big-box retailers combined with the recession and a trend toward buying electronics for holiday gifts instead of clothes.

The store’s closing was a surprise, said Jean Gaines, president of the Geneva Chamber of Commerce.

“They have always been a tradition in Geneva, a trademark and a landmark,” Gaines said. “They always carried the classiest, best-quality men’s clothing. Men are not wearing as many suits and dressing casual, but they carried some nice casual wear.”

Gaines said the chamber stores its festival materials in the Erday’s basement so chamber employees always were going through the store and buying things.

“Not too long ago, I bought my husband a sweatshirt jacket,” Gaines said. “They have some very nice-looking things.”

The store’s closing sale continues through the week.