Supermarket Owner Gives Away Stores to his 400 Employees

Joe Lueken, who owns and manages two grocery stores in Bemidji, Minnesota, and one in Wahpeton, North Dakota, is retiring at age 70. Instead of selling his stores to the highest bidder, though, he will transfer ownership to the stores’ 400 or so employees.

The employees will participate in an employee stock ownership program, receiving shares of Lueken’s Village Foods based on length of service and salary — and at no cost to them. The program to transfer ownership from the Lueken family to the employees will begin on January 1, 2013.

He explained his reason for turning over ownership to his employees: “My employees are largely responsible for any success I’ve had, and they deserve to get some of the benefits of that.”

—from Yahoo! News

Thanks for finding this, Qui! Sorry it took me a while to post…

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