"With a growing percentage of income going to food and fuel, we saw a need for more short term cash balanced with the large annual 20% contribution from the company's profit sharing plan," said Stewart's Shops president Gary Dake. "This $1.25 million investment is in appreciation of our partners who, as owners, care about giving quality, service and value to our customers."
Through the difficult [image-nocss] times of the last few years, when inflation was flat, many companies held off raising prices. Now with federal, state and local governments struggling and commodities such as oil, wheat, corn and coffee increasing from 20% to 100%, many companies are finally raising prices dramatically.
"This 25 cents an hour doesn't solve everything," said Dake, "but we are fortunate to be in a position to help."
Many partners also just received their profit-sharing statements detailing their share of the of this year's $12 million contribution and more than 5% growth of the plan balance, the company said. The profit sharing plan is funded 100% by the company. There are 2,900 participants, who own one-third of the company.
Stewart's Shops is an employee- and family-owned convenience store chain based in Saratoga Springs, N.Y. Stewart's is known for milk, ice cream, coffee, food to go, gasoline and more. There are 328 Stewart's Shops located in more than 30 counties across upstate New York and southern Vermont.
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