C&K Market Opts for Employee Ownership
Independent grocery store chain C&K Market has completed a transaction to become 100% employee-owned through an employee stock ownership plan (ESOP) trust. The move enables employees to receive retirement benefits linked to the company’s future equity value.
“At our core, we’re a community grocery store that proudly serves its neighbors,” said Karl Wissmann, president and CEO of Medford, Oregon-based C&K since 2014. “We tailor what we offer to meet the needs of each community we serve. That commitment continues through our ESOP, which allows us to maintain our independence and lets employees benefit from our success.”
Over the past six years, C&K has remodeled all of its stores; introduced such new departments as Healthy Living, Pet Centers and Foods of the World; and added about 2,500 new items to each location.
“These accomplishments were often motivated by what employees heard from customers,” noted Wissmann. “We strive to listen and deliver what our customers want. I’m proud of what we’ve achieved and know that greater things are coming because our employees built such a strong foundation.”
Wissmann referred to C&K as “a chain of independent stores rather than an independent chain of stores. We serve a variety of communities; each has unique needs. Our passion is meeting those needs and continuing to give back to those communities, while evolving to be their grocery store of choice.
“We started an initiative some five years ago to give customers a reason to shop in our stores rather than a big-box store,” he added. “We listen to customers and respond to their preferences. Shoppers are buying more from us because we are adding real value to each of the communities that we serve.”
No changes are planned in management structure, operating policies or practices. Store meetings will take place during the first quarter of 2021 to introduce the plan, which was established last Dec. 29, with additional information to be provided throughout the year.
There are 6,600 ESOPs in the United States, holding $1.4 trillion dollars and employing about 14 million people, according to the Oakland, California-based National Center for Employee Ownership.
C&K Market operates 38 stores in Oregon and Northern California under the Ray’s Food Place, Shop Smart and C&K Market banners, employing more than 1,200 people.
