Photo via bitchcakes

Some troubling rumors have been going around today regarding the fate of Pearl Paint on Canal Street, the art supply mecca whose red and white coloring have made it stand out for decades. This is the flagship store, which opened in 1933. Tribeca Citizen noted that the entire six-level, 11,850-square-foot space is on the market, and "from the sound of the listing, Pearl isn’t likely to survive a transition."

It's listed for sale, rent, or teardown—from the listing:

“The building delivers over 2,000 SF of air rights. Due to the sizable floor plates, phenomenal location for retail (Canal) and residential (Lispenard), the building offers a great opportunity for a developer, investor and/or user. The space can be delivered vacant.”

A tipster wrote in to Vanishing NY saying: "Pearl Paint will be closing its Canal Street store soon," but so far the Pearl Company has not confirmed.

We called their corporate offices in Florida and will update if we hear back. When we called the store this afternoon a manager told us: "To my knowledge... I haven't been told of that. But I do know we are offering a 30% discount on everything in the store." Well, that doesn't sound good.