Sleep Train Introduces Employee Stock Ownership Plan
Sleep Train Recognizes and Rewards Employee Efforts with Introduction of Employee Stock Ownership Plan and Trust
With Growth on the Horizon, Company Initiates ESOP Plan to let Employees Share in its Expansion and Success with Accumulation of Future Assets
SACRAMENTO – October 4, 2010 – The Sleep Train, Inc. the number one bedding specialist on the West coast and number four nationwide, announced today its new Employee Stock Ownership Plan (ESOP), effectively making it an employee-owned company. All qualified employees share in the growth and prosperity of the company by obtaining shares of the company, providing a new opportunity for accumulating retirement assets – at NO cost to them. The ESOP plan is an addition to the company’s existing successful 401k plan. The ESOP announcement comes when the company also relayed its 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,” said 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, boasting more than 1,000 employees and 230 stores, located from San Diego, California to Bellingham, Washington. ESOP’s are established to inspire a sense of ownership in the company within employees, enabling them to strive for a common goal of success, which in turn benefits them upon retirement. For more information on ESOP’s, please visit www.esopassociation.org.
Sleep Train is known for its superior customer service and team of knowledgeable sales individuals, as well as its continued commitment to the community with the Sleep Train Foster Kids program. Sleep Train stores are open Monday – Friday from 10:00 a.m. to 9:00 p.m., Saturday from 10:00 a.m. to 8:00 p.m., and Sunday from 10:00 a.m. to 7:00 p.m. Sleep Train locations can be found at www.sleeptrain.com or by calling 1-800-378-BEDS (2337).