Room & Board Celebrates Transition to 100% Employee Ownership
The American-made furniture retailer introduces its Employee Stock Ownership Plan (ESOP)
MINNEAPOLIS, April 25, 2024 /PRNewswire/ -- Room & Board, the Minneapolis-based furniture retailer known for its commitment to American craftsmanship, is proud to announce: the company's transition to a 100% Employee Stock Ownership Plan (ESOP), giving their 1,100 employees a financial stake in the company. This move is a testament to the company's dedication to remaining profitable through organic growth while prioritizing the well-being of its staff members.
Since its inception in 1980 by founder John Gabbert, Room & Board has focused on long-lasting, and timeless modern furnishings and home decor. The approach to every initiative has always been to do it once, and do it right. With annual sales exceeding half a billion dollars, the company's success is rooted in its dedication to American craft and exceptional service, which have been cornerstones of the business since day one.
"At Room & Board, our staff members are at the heart of everything we do," says John Gabbert, Founder and Chairman. "Over the past few years, we have explored every possible option for future ownership?from going public, to private equity, to non-profit ownership. Becoming 100% employee-owned was the only option that allowed us to stay true to our business values of respect, accountability, transparency, and collaboration and most importantly, preserve our company culture. My goal has always been to take care of the people who have helped make the company successful and this decision is in the best interest of our staff members, vendor partners, and customers."
Room & Board has a long history of championing staff member well-being. From establishing a company wage of $45,000 for all full-time employees to pioneering same-sex partner benefits over 30 years ago, the company has consistently demonstrated its pledge to creating a supportive and inclusive workplace environment.
This announcement coincides with Room & Board's recent B-Corptm certification, further amplifying the company's investment in its employees and environmental stewardship. As a Certified B Corporation, Room & Board is steadfast on balancing profit and purpose, and the implementation of the ESOP is yet another step towards creating a more sustainable and equitable future for all.
Overseeing the ESOP implementation is Room & Board's current Board of Directors, which includes Gabbert, President & COO Bruce Champeau, Chief People Officer Nancy Greatrix, and Chief Financial Officer Jean Sand. They are tasked with providing strategic direction and financial oversight for the company during this time. The team has also relied on Minneapolis-based Chartwell Financial, who has been instrumental in providing exceptional support and expertise during the transition process.
For more information about Room & Board and its commitment to employee well-being and environmental stewardship, please visit www.roomandboard.com.
ABOUT ROOM & BOARD
Room & Board is a 100% employee-owned modern furniture and home decor retailer. More than 90% of their products are made in the U.S. using top-quality domestic materials and imported materials. Founded and based in Minneapolis, Minnesota, they have 22 stores across the United States and deliver their furniture nationally. A steadfast focus on quality, value and service since 1980 has built their reputation as one of the most respected furniture retailers in the country. Room & Board is proud to be a Certified B Corporationtm, solidifying their long-standing commitments to sustainability and the community.
SOURCE Room & Board
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