Sleep Train mattress retailer becomes employee-owned
October 4, 2010
• Sacramento company uses ESOP
• ‘We’ve got a great team of individuals who deserve to be rewarded for their hard work’
Sleep Train Inc., which claims to be the largest bedding specialist on the West Coast and fourth largest in the country, is now essentially owned by its employees.
A new Employee Stock Ownership Plan (ESOP) has been implemented, the Sacramento-based retailer says. Qualified employees can obtain shares of the company at no cost to them, the firm says.
The ESOP announcement Monday comes when the company also announced plans to double the size of its headquarters in anticipation of increasing staff and opening new stores in target markets.
“We’re proud to be able to share the success of our company directly with the people who helped us get here – our employees,” says Sleep Train founder and CEO Dale Carlsen. “We’ve got a great team of individuals who deserve to be rewarded for their hard work and the ESOP plan we’ve developed is designed to do just that. We’ll be joining the ranks of other well-known employee-owned companies including Proctor & Gamble, WinCo Foods and more.”
Sleep Train becomes an employee-owned enterprise the same year it celebrates 25 years in business. It has more than 1,000 employees and 230 stores.