Stewart’s Shop Buys a Competitor, Expanding in New York

It's been a busy couple of weeks for the folks at Stewart's Shops and now it appears that they are expanding in New York, which is great news for fans and employees of the family-owned convenience store chain.

Last week we told you about the plans Stewart's Shop has for the future which included a 20-year divestiture plan. The plan will give the 3,700 employees at over 350 Stewarts Shops across New York and Vermont to own a piece of the company with its profit-sharing program called the Employee Stock Ownership Plan (ESOP).

The family owned convenience store chain is owned and operated by the Dake family, who currently own 60% of the company, but are hoping to be completely employee owned by time the new plans is completed.

Stewart's Shop Buys Another Convenience Store Chain

Shortly after announcing its future plans, Stewart’s Shops announced that they had entered an agreement to purchase the assets of the Jolley Associates convenience store chain according to WTEN.

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The purchase should be finalized by the end of the year and will include the purchase of 45 Jolley Stores, 38 of which are in Vermont, two in New Hampshire, and five in New York including stores in Queensbury, Clifton Park, Lake George, and Plattsburgh, NY.

SEE ALSO: Another Hudson Valley Big Lots Store Reportedly Closing

They made the announcement on Friday with Stewart’s Shops President Gary Dake saying,

"We are thrilled to have this opportunity to acquire a company with such an impressive reputation in a market that we’ve been watching for many years. One of the primary reasons we were drawn to this deal is because of the quality and the character of Jolley’s employees."

 

Not only will Stewart's acquire the 45 stores bringing Stewart's store total to almost 400 across New York and Vermont, but they will also be buying two of Jolley’s sister companies, S.B. Collins, a gasoline and diesel provider, and Clarence Brown, a heating oil business based in Vermont.