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

The Latest

CollectionsJan 21, 2022
Piece of the Week: Emily P. Wheeler’s Heart Necklace

It’s a whimsical update to a classic riviere.

SourcingJan 21, 2022
Stephen Lussier to Retire After 37 Years With De Beers

Tiffany executive Mark Jacheet will succeed Lussier, who officially steps down in April.

Recorded WebinarsJan 21, 2022
Watch: What the Industry Can Expect for Tucson 2022

National Jeweler chats with three colored stone dealers on recent buying activity and what that could mean for the upcoming gem shows.

Brought to you by
Melee the Show Launches Tucson Event, Returns to New York in 2022

The boutique tradeshow, happening first in Tucson then New York City, brings together upscale designers from around the world.

SourcingJan 21, 2022
HK Designs Named ‘Great Place to Work’

The Indian jewelry manufacturer joins Signet Jewelers, Target, and other companies who earned the certification.

Weekly QuizJan 21, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
FinancialsJan 20, 2022
Signet Raises Guidance After Strong Holiday Sales

The jewelry giant’s holiday season revenue was up 30 percent year-over-year.

SourcingJan 20, 2022
Tara Pearls Is Ready to Unveil Its ‘Most Significant Acquisition’

With a retail price tag of $1 million, the special pearl will be unveiled at the upcoming Centurion show.

Brought to you by
Rare & Forever Can Help You Tell A New Story At The Counter And Close More Sales!

A.I. technology is revolutionizing the jewelry business through more accurate and consistent diamond grading.

MajorsJan 20, 2022
Robbins Brothers Eyeing Expansion, Adds New VP of Stores

CEO Marc Friedant discusses what’s next for the jewelry chain following management’s move to buy it back from a private equity firm.

×