GroceryMaineNews

Lewiston Sun Journal – Owners sell Save-A-Lot, Food City to employees

From the Lewiston Sun Journal:

Instead of traditionally selling their grocery chain, CEO Zak Sclar and his father, Stanley, opted to sell seven Food Cities and two Save-A-Lots to employees through an employee stock ownership plan. Through hoped-for annual profits, workers will pay the Sclars back and each year earn shares of the company that are allotted based on payroll. The plan, eight months in the making, was official in late February, Zak Sclar said. He’s spent the two weeks since then traveling to each location to tell employees. “When he first said it, I thought he was joking with me,” said Rick Hoyt, an assistant store manager and grocery manager who has been at the Livermore Falls Food City for nine years. “It’s nice that if you invest some time in the company, the company invests back into you.”

Get the full story here:

https://www.sunjournal.com/2019/03/13/owners-sell-save-a-lot-food-city-to-employees/