Owners to sell majority stake in Stewart’s Shops to employees

SARATOGA SPRINGS, N.Y. (WCAX) – The owners of Stewart’s Shops will sell a majority of their stake in the business to employees.

The Albany Business Review reports the Dake family will sell 60% of Stewart’s Shops to its employees over the next 20 years.

They also identified successors who will take the helm once the president and board chair step down.

The Dakes told the Albany Business Review it’s part of a plan to place their company in the hands of people they think can preserve its legacy moving forward.

Stewart’s employs more than 3,700 people across 350 stores in New York and Vermont.