The Island Employee Cooperative is a Maine cooperative corporation created by the employees of Burnt Cove Market, The Galley, and V&S Variety & Pharmacy for the purpose of purchasing the stores from Vern and Sandra Seile.
The Seiles had spent decades building these businesses and when they were ready to retire, they wanted to make sure the jobs they created and the stores they ran continued. What better way than to help the employees become the owners!
On June 11th, 2014, after nearly a year of planning, negotiating and securing financing, the deal was closed and the ownership of the stores was transferred to the IEC, and the workers are the sole shareholders in the company.
Thanks to the Seile’s commitment to both the employees and the community, the jobs and ownership will remain local and will improve life for the many workers employed in these businesses.
It is the mission of the IEC to create good jobs for island residents, to provide the highest quality service for our customers, and to support our island community.
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