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Smulekoff's In Downtown CR Closing

CEDAR RAPIDS, IA (CBS2/FOX28) -- A landmark of downtown Cedar Rapids is preparing to close its doors.  The City of Cedar Rapids says Smulekoff's will close at the end of the year and transfer ownership of their building to the city. 
   City officials would not say what would happen to the business, but the downtown building is currently the local retailer's only shopping location.
   CBS2 News spoke with Mayor Ron Corbett who could only speak about the circumstances surrounding the deal.  Mayor Corbett says the company had expressed interest about obtaining a flood buyout for their building.  Corbett says developers could do just about anything with the structure, but he indicated an interest in preserving the existing structure and re-purposing it into some type of commercial/residential center, citing the growing interest among some to live in the downtown district.
   CBS2 News spoke with a spokeswoman for Smulekoff's who said the company would not have any statement on the matter until Tuesday.
   City officials say the transfer of ownership will take place on the last business day in December 2014.
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