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Newport Avenue Market has implemented an employee stock ownership plan, making the Bend, Ore., store the first employee-owned grocery store in central Oregon.
The change will not effect the day-to-day operations of the specialty market, according to the company. “Newport Avenue Market is successful because of our employees,” said Rudy Dory, who founded the company in 1991 with his wife Debbie.
The store has more than 100 employees with the average tenure of more than 10 years. “We love our employees and we believe they should share in the success in a tangible way. That is why we chose an Employee Stock Ownership Plan. We run a successful business because of the people who work at Newport Avenue Market,” Dory added.
In addition to stock ownership, the plan allows the staff to help fund their retirement savings. “The ESOP offers employees an opportunity to be rewarded for their hard work and shows our commitment to our loyal customers,” said COO Lauren Johnson. “We will remain locally owned.”