Jim's Formal Wear Becomes 100% Employee-Owned Company

TRENTON, Ill., March 4, 2025 /PRNewswire/ -- Jim's Formal Wear Inc, (JFW) is proud to announce that it has become a 100% employee-owned company through the creation of a new Employee Stock Ownership Plan (ESOP). This change strengthens JFW's long-term commitment to its employees and its customers.

"The transition to an employee stock ownership plan secures the company's future while empowering our employees with a meaningful stake in its success," said Steve Davis, CEO of Jim's Formal Wear. "We chose to transition ownership to our employees as a way to honor their dedication, talent, and hard work. This move also empowers our team to take an active role in shaping and participating in the benefits of our future growth while preserving the principles and culture that define us. I believe this new structure will drive innovation and long-term success."

Founded in 1964, Jim's Formal Wear is the largest independent provider of men's formal wear services in the United States. The Company is headquartered in Trenton, Illinois, and has a network of seven service centers and eight delivery hubs across the country. JFW carries all garment types necessary for formal occasions, including weddings, proms, quinceañeras and other special events. Having successfully navigated to its third generation of family leadership, JFW has expanded over the years into a nationwide distributor of rental and retail formal wear garments to more than 4,500 independent retailers. These retailers include bridal shops, men's stores, and tuxedo specialists, among others. The Company maintains long-tenured relationships with its highly diversified retailer network, with the average tenure exceeding a decade. JFW currently employs 500 full-time team members and staff, and hires an additional 250-300 seasonal employees.

According to data from the National Center for Employee Ownership (NCEO), Jim's Formal Wear joins a group of more than 6,500 ESOPs in the United States, including more than 300 headquartered in Illinois. ESOPs currently cover nearly 15 million participants nationwide.

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SOURCE Jim's Formal Wear