(WBBM NEWSRADIO) -- This is the first week for the new employee-owners of nearly century-old hardware store in Rogers Park.
"The owners retired last week -- Friday, June 30. So, this is our first full week without them here,” explains Xan Flink.
He is CEO of Clark Devon Hardware, the head of a management team overseeing the store's new employee stock ownership plan. It took over from the family that owned the store for 99 years.
"I mean, it's been a little bit of pressure, I think is what I felt initially, and then once you get into the swing of normal business you just kind of do what you've always done,” he said Friday.
Employee stock ownership has had some notorious failures -- United Airlines, for example. But Flink says he thinks it will work at Clark Devon Hardware with its 65 employees.
For one thing, he says the team of managers has been working together for awhile.
"Aside from the managers, we've got another 40 or 50 employees, many of whom have been here 10, 15, 20 years. So, they're already invested emotionally in the success of the store."
Clark Devon Hardware turns 100 next year.
Related
Listen to our new podcast Courier Pigeon
Listen to WBBM Newsradio now on Audacy!
Sign up and follow WBBM Newsradio
Facebook | Twitter | Instagram