My Favorite Toy Store owner explains closings in Downers Grove, Elmhurst

DOWNERS GROVE – The owner of My Favorite Toy Store said outstanding business loans led to closing the downtown Downers Grove and Elmhurst stores.

Owner Michael Geisen of Downers Grove said the bank declined to offer a payment plan and instead took a lump-sum payment on long-term business loans, emptying his business checking account.

Geisen said he took loans over time to buy inventory for both stores, as well as remodeling efforts and initial build-outs. But there were no funds left to pay staff or keep the doors open, which he closed for good at both stores at 3 p.m. Dec. 31.

Geisen opened the Downers Grove location first in 2001, after a survey of residents named a toy store as the third most-wanted downtown business, he said. He opened the Elmhurst store in 2005.

An outpouring of support for his business surfaced on its Facebook page this week after the closing announcement.

"We share the disappointment many feel with the news about My Favorite Toy Store," The Downers Grove Downtown Management Corporation posted. "Small businesses are the backbone of our economy and certainly, the heart of our village's downtown. My Favorite Toy Store has become a centerpiece of our downtown merchant mix and has became a destination for all ages."

Geisen said further outstanding bills and outstanding sales taxes require him to sell all remaining merchandise at wholesale, on advice of his attorney. He will not able to honor gift certificates, returns or exchanges."I can't open the doors and incur more expense," he said. "I feel really bad about that."
Geisen said business began to slow in 2008.

"We were struggling, but I certainly didn't see this coming," he said.

The two stores employed 17 people, he said.

He said he believes a mom-and-pop toy store can still be a viable business in downtowns like Downers Grove and Elmhurst.

"We were the vendor of choice with the specialty items that we carry," he said. "And with the free gift wrapping and customer service, and helping the customer find the right gift, you can't get that on Amazon."