Newport Avenue Market, the food hub of Central Oregon, announced to employees today that the specialty grocery store is now an employee-owned company.
“Newport Avenue Market is successful because of our employees,” said Rudy Dory, who with his wife Debbie founded the company in 1991. Management announced the new Employee Stock Ownership Plan (ESOP) at an all-company meeting at the Bend store.
Dory, who is active in the day-to-day operations of Newport Avenue Market, said there would be no changes in the make-up of the company.
“We love our employees and we believe they should share in the success in a tangible way. That is why we chose an Employee Stock Ownership Plan. We run a successful business because of the people who work at Newport Avenue Market.”
The ESOP makes Newport Avenue Market Central Oregon’s first employee-owned grocery store.
“The ESOP offers employees an opportunity to be rewarded for their hard work and shows our commitment to our loyal customers,” said Lauren Johnson, chief operating officer and Dory’s daughter. “We will remain locally owned.”
Assistant Manager Joe Anzaldo said, “The owners could have sold this company many times, but they are committed to each employee. This change means as employee owners we are making money for our retirement. This is a true gift.”