IndependentsOct 19, 2021
Jewelers Riding Out the StormsIndependentsNov 12, 2021
This Jewelry Store Chain Is Now Employee-Owned
The move, effective Nov. 1, has been in development for years, Day’s Jewelers said.
On Nov. 1, Jeff and Kathy Corey transferred ownership of Day’s Jewelers to the store’s employees, including their son Joseph Corey (center), who is president of the company.
Waterville, Maine—The employees of New England retailer Day’s Jewelers are now its owners.
On Nov. 1, the company transferred ownership from Jeff and Kathy Corey, who purchased the jeweler more than three decades ago, to its employees.
The Employee Stock Ownership Plan (ESOP) will benefit all 125 employees, the company confirmed, making it the only employee-owned and -operated jewelry company in Maine and New Hampshire.
Shares are distributed based on both tenure and pay, according to Jeff Corey, vice president of marketing and former co-owner of Day’s Jewelers.
“Since my wife Kathy and I purchased Day’s in 1988, we have always set out to build a company that stands the test of time,” Corey said. “Becoming an ESOP and placing our future in the hands of our tremendous employees will ensure the continued success of the company and culture we’ve built over the past several decades.”
Their son, Joseph Corey, was named president of the company in January, and he will stay in that position.
Jeff will stay in his position as vice president of marketing, as will Kathy in her role as vice president of merchandising, at least until the end of this year, the team confirmed.
With the sale of the store to the employee-owned trust, the two will receive some money up front. The rest will be paid over time.
The Davidson brothers founded Day’s Jewelers in Portland, Maine in 1914. Jeff and Kathy Corey purchased the store from the Davidsons.
Day’s now has eight brick-and-mortar locations across New Hampshire and Maine as well as an e-commerce site.
It received the “Retailer of the Year” award from the Retail Association of Maine in 2016 and the “Corporate Award” from the Women’s Jewelry Association in 2017.
It was also Maine’s Family Business of the Year in 2019 and has been chosen as one of the “Best Places to Work in Maine” for seven years.
On Nov. 1, the company transferred ownership from Jeff and Kathy Corey, who purchased the jeweler more than three decades ago, to its employees.
The Employee Stock Ownership Plan (ESOP) will benefit all 125 employees, the company confirmed, making it the only employee-owned and -operated jewelry company in Maine and New Hampshire.
Shares are distributed based on both tenure and pay, according to Jeff Corey, vice president of marketing and former co-owner of Day’s Jewelers.
“Since my wife Kathy and I purchased Day’s in 1988, we have always set out to build a company that stands the test of time,” Corey said. “Becoming an ESOP and placing our future in the hands of our tremendous employees will ensure the continued success of the company and culture we’ve built over the past several decades.”
Their son, Joseph Corey, was named president of the company in January, and he will stay in that position.
Jeff will stay in his position as vice president of marketing, as will Kathy in her role as vice president of merchandising, at least until the end of this year, the team confirmed.
With the sale of the store to the employee-owned trust, the two will receive some money up front. The rest will be paid over time.
The Davidson brothers founded Day’s Jewelers in Portland, Maine in 1914. Jeff and Kathy Corey purchased the store from the Davidsons.
Day’s now has eight brick-and-mortar locations across New Hampshire and Maine as well as an e-commerce site.
It received the “Retailer of the Year” award from the Retail Association of Maine in 2016 and the “Corporate Award” from the Women’s Jewelry Association in 2017.
It was also Maine’s Family Business of the Year in 2019 and has been chosen as one of the “Best Places to Work in Maine” for seven years.
More on Independents
The Latest
MajorsNov 24, 2021
Here Are This Year’s Black Friday Jewelry, Watch DealsFrom Amazon to Zales, several retailers have deals lined up for the shopping holiday.
MajorsNov 24, 2021
Former JCK Associate Publisher Donna Borrelli Dies The longtime industry veteran had a breakthrough case of COVID-19.
MajorsNov 24, 2021
Samuel B Has Now Donated More Than 1M Meals to Feeding America The company donates 10 meals to the nonprofit for every piece of jewelry it sells.
Brought to you by
Train Your Staff Today with Interactive eLearningJoin the prestigious brands, industry organizations and sellers using IGI’s educational services.
CollectionsNov 24, 2021
Piece of the Week: Sorellina’s Lover’s Bypass RingIt’s double the toi et moi fun.
Weekly QuizNov 23, 2021
This Week's QuizTest your knowledge of jewelry news from the week of Nov. 22-26, 2021.
ColumnistsNov 23, 2021
When Did You Know You Wanted To Be in Sales?A question from an astute young relative has Peter Smith pondering this question in his latest column.
Policies & IssuesNov 23, 2021
BIJC Has an I.D.E.A for Diversity Training in 2022 Starting in January, the Black in Jewelry Coalition will host webinars on addressing racial injustice and encountering racism in retail.
Brought to you by
3 Tips For Entering the Estate MarketGenerate foot traffic and expand your jewelry expertise by adding an estate assortment to your store in partnership with Windsor Jewelers, Inc.
SourcingNov 23, 2021
Parlé, Gem Legacy Team Up for Giving Tuesday Fundraising CampaignParlé will match donations up to $15,000 in an effort to build houses for teachers at a Tanzanian primary school.
