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 April, 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.
Related stories will be right here …
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 April, 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
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
