The 68-year-old tire retailer and service company has over 100 locations.
Share on linkedin Sullivan Tire, a Massachusetts-based tire retail and service chain with over 100 locations, has been sold by its founding family to its employees.
This is a rare case in which a company turned down takeover offers from industry consolidators, including those backed by private equity, in order to enrich its workers.The deal is being transacted via a newly formed Employee Stock Ownership Plan , and includes Sullivan Tire's real estate.Sullivan Tire's nearly 1,500 employees will have a six-year vest, without having to contribute any of their own cash, and can redeem at retirement . It does not impact 401 plans.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Markets Week Ahead: Gold Muted, Nasdaq 100, EUR/USD, GBP/USD Rip as US Yields SinkSeveral Fed officials will deliver speeches in the coming days, including Chairman Powell. Traders should pay attention to their comments for clues on the outlook for monetary policy and impact on markets.
Read more »
Highland Fire expected to be 100% contained by MondayA wildfire that has charred 2,487 acres near the junction of Highways 79 and 317 was 90% contained with full containment expected by Monday, the Riverside…
Read more »
100 Days Is Too Long For a Big Brother SeasonBig Brother 25 is the longest season in the show's history.
Read more »
Disney 100 Quiz Answers for TikTok Game (Today, Nov 5)Here are the Disney 100 quiz answers for today, Nov 5. These are the correct answers for the Disney100 game.
Read more »
LAPD officer, passenger killed when car was struck by BMW traveling 100 mph, police sayAn off-duty Los Angeles Police Department officer and a passenger in the car he was driving were killed when the vehicle was struck by a BMW traveling a high…
Read more »