MADISON (WKOW) -- After 87 years in the Madison area, Steinhafels furniture store announced Tuesday that the company sold all stock to employees.
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According to a news release from spokesperson Chad Dern, the Steinhafel family chose to transition to this ownership model in order to protect the company long-term.
"Our news today is about securing the future of Steinhafels for all of us for many years to come. Steinhafels is more than just a business to us. It is our family legacy. Deciding to move forward as an employee-owned company helps to ensure that that legacy continues into the future," co-owner Gary Steinhafel said.
Dern said the company employed an Employee Stock Ownership Plan, which will work as a retirement benefit for employees. Those enrolled in the plan will receive more shares on an annual basis.
Company president Andrew Steinhafel said the goal of this transition is to ensure that employees will benefit from any future success.
"We believe that becoming an employee-owned company allows us to leverage our greatest strength, and that is our valued associates. Being part of an employee-owned company means that our associates will benefit directly from the company’s continued success," he said in the release.