This story has been updated. 

Smith Ace Hardware on East College in Decatur announced on July 7 it is closing its doors after 42 years in business.

There will be an auction of more than $300,000 of the store’s inventory on Saturday, July 19, starting at 10 am. The preview is July 14 -18 10 am to 5 pm, according to Atlanta Surplus and Auction.

Here’s a video showing some of the items that will be on sale:

The closure of the Decatur business was sad news for many in the Decatur Community.

Smith Ace Hardware also has another location in Buckhead. An employee who answered the phone there, but declined to give his name, said the owners of the hardware store and the building couldn’t renew the lease and the building was in need of significant renovations.

There are plans to open a second location in Marietta.

John Pinson, owner of Atlanta Surplus and Auction, on July 9 provided some additional details about the upcoming auction in response to questions from readers.

Q: Do you register to attend?

A: Yes, you have to register. We make everyone sign a liability waiver when you register.

Q: How do I register?

A: You can register at the auction and register at the preview next week. We can preregister you and assign a bidder number. We’re not going to allow anyone inside the building that has not been registered. You need a driver’s license to register. You do not have to register to attend the preview.

Q: Will it be individual items or bulk lots?

A: These will be both depending on the popularity of the item and also depending on the value of the item. If we have 35 two dollar widgets, we’re not going to sell a two dollar widget.

Q: What forms of payment will you accept? Mastercard, Visa Discover, Cash, pre-qualified business checks.

Pinson added there will be absentee bidding on the company website, Atlantasurplus.com.