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Sam’s Italian eateries sold with goal of employee ownership

February 13, 2022 GMT

LEWISTON, Maine (AP) — A chain of Italian sandwich shops has been sold to a New York company that assists small businesses as they transition to employee ownership.

Teamshares buys companies whose owners are retiring — and Sam’s Italian Foods fits the criteria. The owner, Richard Michaud, is retiring after having worked at Sam’s with his wife since 1988.

Michaud said the business will continue, workers will be retained, and there will be new opportunities.

Founded in 1939 in Auburn, Sam’s Italian Foods quickly outgrew that location and moved to Lewiston, where operations expanded with a bakery, and then pizza. Eventually more locations were added.