Jerry’s Home Improvement converts to ESOP
Jerry’s Home Improvement, a DIY warehouse based in Eugene, Ore., has become a federal Employee Stock Ownership Plan (ESOP) company, according to an article in the Register Guard.
The 50-year-old company, which was family owned, won’t make any changes in its management or board of directors, the newspaper said. But Jerry’s will now become a trust that holds company stock for the benefit of employees. As such, it is a non-taxed entity.
The conversion took place Dec. 29 but was not made public until Jan. 20. Jerry’s, which includes a drive-though lumberyard and kitchen showroom as part of its 140,000-sq.-ft. operation, also has a store in Springfield, Ore.