Independents

This Jewelry Store Chain Is Now Employee-Owned

IndependentsNov 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 … 
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

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