Pearl of the East going out of business

CENTER CITY - September 23, 2009

But owner Warren Kuo has decided to close the store. Though he's ready to take things a little easier, mainly he's closing because the market for his luxury antiques and reproductions has all but disappeared.

"My problem," Kuo explains, "is that I don't have anything that people need. I only have things people want. So with this economy, it's totally discretionary. I'm discounted out right away."

To start the liquidation sale, Kuo has cut prices up to 50%. But there have been some previous markdowns as well.

He showed us a carved wooden screen that in years past, would've sold for up to $5000. Now, it's priced at $1800.

"This screen dates back to the 1800s," Kuo explains, "It's carved, hand-carved and it's double-sided carving. It's really precious work and it has really high collectible value."

A bar that was $1495, is now $799. A stacking table set that was $395 is now $199. An ornamental birdcage that was $349 is on sale for $199.

You can pick up an ornate jewelry armoire that was $595 for $329. And handmade silk Tonkas are now $99, reduced from $150.

Pearl of the East is located at 1720 Chestnut Street in Philadelphia, Pa. It is open seven days a week.

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