Expand / Collapse search
☰

American Jewelry and Loan seeing high number of pawns during pandemic

Published  April 28, 2020 6:02pm EDT
Coronavirus in Michigan
FOX 2 Detroit

(FOX 2) - Another business seeing a change to their industry during the COVID-19 pandemic is pawn shops. They're open but having trouble making money.

"Our customers really are in financial stress," Les Gold said, owner of American Jewelry and Loan. It's one of the largest pawn shops in the country, and perhaps best known because of the hit cable show Hardcore Pawn. 

American Jewelry and Loan seeing high number of pawns during pandemic

We talk with Les Gold, the owner of American Jewelry and Loan, one of the largest pawn shops in the country, about how the business is faring during the pandemic.

"Fifty dollar items, $100 items, $25 items just to get food on the table, toilet paper and the essentials that everybody needs right now," Les said. 

So they pawned their items for cash and agreed to pay it back in 90 days, with interest and a small storage fee.

"The key to our business is to just keep moving, moving product, getting cash and giving it out on the streets," Les said. 

And for those that can't redeem or pay back their loan, Les then owns the property and sells it.

"I believe that Christmas will not be what it was last year. It could be a really devastating situation."