Steve Silver Company plans ESOP in 2012
Heath E. Combs -- Furniture Today, December 19, 2011
FORNEY, Texas — Casual dining and occasional importer Steve Silver Company plans to create an Employee Stock Ownership Plan that will sell 51% of the company to employees.
The company said in a press release that the ESOP will lead to tax efficiencies, and better incentives and retirement benefits for employees.
The more than two decades old family-owned company will keep its name. The transition will begin during the first quarter of 2012, and Steve Silver will remain president.
The move is being led by company founders, the executive management team and David Corbin, who was recently named chief operating officer of the company.
Corbin left bedding producer Southerland earlier this year where he was involved in a transition from a family-owned company to an ESOP. He also worked for another ESOP, Chromcraft-Revington.
CEO Norman Preskitt will retire in the next 18 months from day-to-day management but will remain as chairman.
The ESOP and recapitalization will allow Steve Silver Company to further develop its brands and private label, a press release said.
Furniture Today's Ray Allegrezza Speaks with Stephen Bogart about Fine Furniture's New Bogart Line