Steinhafels moves to 100% employee-ownership after stock sale
MADISON, Wis. (WMTV) -Steinhafels Furniture sold all of its stock Tuesday to an Employee Stock Ownership Plan, meaning the company is entirely employee-owned.
The Steinhafels family made the announcement to its employees Tuesday, explaining the move will provide a more secure future for the business while also maintaining the best long-term interest for its employees.
“Steinhafels is more than just a business to us,” said Gary Steinhafel. “It is our family legacy. Deciding to move forward as an employee-owned company helps to ensure that that legacy continues into the future.”
The furniture and mattress store’s president Andrew Steinhafel said it will remain a family-led company, despite the change. Andrew Steinhafel will be the company’s president. Mark Steinhafel, Ellen Steinhafel-Lappe, and Gary Steinhafel will also lead the company, along with the executive team.
“Being part of an employee-owned company means that our associates will benefit directly from the company’s continued success,” said Andrew Steinhafel.
The company explained its associates can participate in ownership through an Employee Stock Ownership plan, which is a long-term retirement benefit plan where employees are given shares of the company annually. The shares will be given over several years and the share price will be dependent on the success of the company.
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