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| {{Short description|Jewelry store based in Omaha, Nebraska}} | |||
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{{refimprove|date=May 2017}} | ||
| {{Infobox company | {{Infobox company | ||
| | name = Borsheims | | name = Borsheims | ||
| | logo = |
| logo = Borsheims Logo.png | ||
| | type = ] | | type = ] | ||
| | founder = Louis Borsheim | | founder = Louis Borsheim | ||
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| | industry = ] | | industry = ] | ||
| | products = {{Unbulleted list|]|]|]}} | | products = {{Unbulleted list|]|]|]}} | ||
| | owner = | |||
| | parent = ] | | parent = ] | ||
| | homepage = {{URL|www.borsheims.com}} | | homepage = {{URL|www.borsheims.com}} | ||
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| }} | }} | ||
| '''Borsheims''' ({{IPAc-en|ˈ|b|ɔər|ʃ|aɪ|m|z}} {{respell|BOR|shymze}}) is a luxury ] store that sells fine jewelry, timepieces, engagement rings and home decór in ]. In 1870, Norwegian immigrant and silversmith Louis Borsheims founded his independent jewelry business that would later become known as Borsheims. The luxury jewelry retailer began as Brown and Borsheim. In 1907, Louis A. Borsheim sold his interests in Brown and Borsheim, thus began the Omaha staple, Borsheims. The business was sold to Louis Friedman and Simon Gorelick in 1947. In 1950, Louis bought out his brother in law, Simon Gorelick and his son Ike joined the business, who both retained the Borsheims name. In 1980, Ike Friedman bought out his father, Louis. Ike's son Alan and son in law joined the business. In 1985, his other son in law, Donald Yale joined the business.<ref></ref> His two daughters, Janis Yale and Susie Cohn also worked in the business.<ref></ref> | |||
| '''Borsheims''' ({{IPAc-en|ˈ|b|ɔər|ʃ|aɪ|m|z}} {{respell|BOR|shymz}}) is a luxury ] store that sells fine timepieces and home decór in ]. The store was founded in 1870, and has been a subsidiary of ] since 1989. | |||
| In 1986, Borsheims moved to the Regency Court Mall. In 1989, investor ] purchased a majority of Borsheims stock, making it part of his holding company, ].<ref></ref><ref></ref> It was the first of Berkshire Hathaway’s jewelry companies and the business is still part of its portfolio, being also featured in Buffett's letters to shareholders and used for its annual shareholder meeting in ].<ref></ref><ref></ref><ref>, Couture International Jeweler, November 2002 issue</ref><ref>, By Rogers Worthington, Chicago Tribune, Apr 02, 1989 at 12:00 am</ref> Donald Yale stayed CEO until 1994, and when he retired, Buffett offered Susan Jacques the job of running the business.<ref></ref> Ike Friedman died in 1991 and Donald Yale was named President and CEO. Alan Friedman left the business. Donald Yale served in that post until he retired in 1994. Susan Jacques was named his successor. | |||
| Louis Borsheim started Borsheims in downtown Omaha in 1870. The business was sold to Louis Friedman and his son Ike in 1955. Both owners retained the Borsheims name. | |||
| ⚫ | Borsheims is now led by Karen Goracke, who became Borsheims president and CEO in 2013.<ref>{{cite news | first = Janice | last = Podsada | title = Warren Buffett's pick for Borsheims CEO took six-year break on rise to the top | date = 2013-10-08 | publisher = The Omaha World Herald | url = http://www.omaha.com/article/20131007/MONEY/131008993/1697 | archive-url = https://archive.today/20140226215931/http://www.omaha.com/article/20131007/MONEY/131008993/1697 | url-status = dead | archive-date = 2014-02-26 | work = Omaha.com | access-date = 2014-02-26 }}</ref> The store maintains an inventory that includes more than 50,000 pieces of jewelry and watches.<ref>{{Cite web |url=http://www.omahamagazine.com/tag/borsheims/ |title=Borsheims | Omaha Magazine |access-date=2013-10-14 |archive-url=https://web.archive.org/web/20140308023947/http://omahamagazine.com/tag/borsheims/ |archive-date=2014-03-08 |url-status=dead }}</ref> | ||
| In 1986, Borsheims moved to the Regency Court Mall. In 1989, investor ] purchased a majority of Borsheims stock, making it part of his holding company, ]. | |||
| ⚫ | Borsheims is led by Karen Goracke, who became Borsheims president and CEO in 2013.<ref>{{cite news | first = Janice | last = Podsada | title = Warren Buffett's pick for Borsheims CEO took six-year break on rise to the top | date = 2013-10-08 | publisher = The Omaha World Herald | url = http://www.omaha.com/article/20131007/MONEY/131008993/1697 | archive-url = https://archive. |
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| It has been the location of Berkshire shareholder-only events held in association with its annual general meeting.<ref>{{cite web|last1=Buffett|first1=Warren|title=Berkshire Hathaway Inc. Annual Report 2016|url=http://www.berkshirehathaway.com/2016ar/2016ar.pdf|publisher=Berkshire Hathaway|access-date=26 February 2017|page=27}}</ref> | It has been the location of Berkshire shareholder-only events held in association with its annual general meeting.<ref>{{cite web|last1=Buffett|first1=Warren|title=Berkshire Hathaway Inc. Annual Report 2016|url=http://www.berkshirehathaway.com/2016ar/2016ar.pdf|publisher=Berkshire Hathaway|access-date=26 February 2017|page=27}}</ref> | ||
| == History == | |||
| === Louis A. Borsheim === | |||
| In 1870, Louis A. Borsheim-a Norwegian immigrant and silversmith-began his independent jewelry business that would later become known as the pre-eminent store in downtown Omaha's shopping district. Brown and Borsheim, located at 222 S. 16th Street, served customers by being expert watchmakers and jewelers with reasonable prices. In 1907, Louis A. Borsheim sold his interests in Brown and Borsheim and founded a new jewelry store at 506 S. 16th Street known as Louis A. Borsheim, where he sold elegant jewelry and watches, leather goods and novelties, glass vases and bowls, and gold pocket knives and cigar cutters. In 1922, Louis A. Borsheim passed away and the business continued under his wife and two sons, John and Alfred. They moved the store to 1614 Farnam Street in 1926 and renamed it Borsheim's Jewelry, where they specialized in diamond rings, watches, and clocks. For a short time, Borsheim's Jewelry also operated a store in Council Bluffs, Iowa that served as the official watch inspection site for all railcars entering Omaha. | |||
| === Louis and Ike Friedman === | |||
| In 1947, John and Alfred Borsheim sold the business to Louis Friedman and his son, Ike. While Louis and Ike Friedman kept the Borsheims name, they ushered in a new era of success for the jewelry store. Ike, a dynamic businessman who bought in volume and paid in cash, developed a reputation for passing on the savings to customers. This business philosophy still guides the company today. | |||
| === Berkshire Hathaway === | |||
| In 1986, Borsheims had outgrown the 8,000 square feet facility in downtown Omaha and moved to the anchor position in Regency Court with 23,000 square feet. In 1989, renowned investor Warren Buffett purchased a majority stake in Borsheims, making it part of his famous holding company, Berkshire Hathaway. As part of the Berkshire Hathaway family, Borsheims grew exponentially and gained global notoriety. | |||
| === Continued Growth === | |||
| In 2006 to accommodate customers' growing needs, Borsheims expanded their space to 62,500 square feet, including a large watch department, china gallery, and a full-service jewelry repair and design shop. The store maintained more than 100,000 pieces of inventory, and continues to serve an international clientele spanning 50 states and six continents today. | |||
| In 2020, Borsheims celebrated their 150th anniversary, and continues to evolve and innovate to meet customers' tastes, preferences and needs. Their business philosophy, legendary Borsheims Price and relationships with customers continue to play an integral part in the company's success. | |||
| == Community and Philanthropy == | |||
| As an Omaha institution for more than 150 years, Borsheims is proud to give back to the community that has given them so much. Corporate citizenry is part of the fabric of the company and echoes Borsheims’ vision to be part of the special moments in customers’ lives. As the Chairman, Warren Buffett, has been known to say, “Someone is sitting in the shade today because someone else planted a tree long ago.” It is through the “Borsheims Gives” program that Borsheims strives to live this sentiment. | |||
| === Women's Initiatives === | |||
| As a woman-led business, Borsheims understand the importance of supporting area female-focused organizations. Their past support has been towards organizations such as the Women’s Center for Advancement, A Time to Heal, The Women’s Fund, Santa Monica House, and many more. Associates have helped conduct interview preparation classes and organized donations to career closets. Borsheims support has also extended to exposing young students to the craft of jewelry as a future career path. As an evolving business they look forward to continuing and evolving our support to meet our communities’ needs. | |||
| === Local Child Initiatives === | |||
| Children-focused organizations have historically been major recipients of Borsheims’ philanthropic efforts. They have long supported Jewelers for Children, an industry-wide initiative to provide for children in need. Locally, Borsheims supports many child-centered organizations through mentoring, organizing necessity drives, fundraisers, and more. | |||
| === Omaha Area Initiatives === | |||
| Omaha’s long tradition of community support has been knitted into Borsheims corporate citizenry. As a big, small town Borsheims supports the companies and people that power the city. Whether its legacy institutions or up and coming non-profits, they're proud to direct dollars that make Omaha, Omaha. | |||
| === Matching Dollars in Support === | |||
| Borsheims is proud to support employees’ philanthropic efforts financially. Whether they provide hours or dollars in support to local organizations, then Borsheims will match up to $500 in additional support. They believe their people are the most important investment, and are proud to support what matters to them. | |||
| ==References== | ==References== | ||
Latest revision as of 23:27, 20 November 2024
Jewelry store based in Omaha, Nebraska | This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "Borsheims" – news · newspapers · books · scholar · JSTOR (May 2017) (Learn how and when to remove this message) |
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Founded | 1870; 154 years ago (1870) in Omaha, Nebraska, United States |
| Founder | Louis Borsheim |
| Headquarters | Omaha, Nebraska, United States |
| Area served | United States |
| Key people | Karen Goracke (President and CEO) |
| Products | |
| Parent | Berkshire Hathaway |
| Website | www |
Borsheims (/ˈbɔːrʃaɪmz/ BOR-shymze) is a luxury jewelry store that sells fine jewelry, timepieces, engagement rings and home decór in Omaha, Nebraska. In 1870, Norwegian immigrant and silversmith Louis Borsheims founded his independent jewelry business that would later become known as Borsheims. The luxury jewelry retailer began as Brown and Borsheim. In 1907, Louis A. Borsheim sold his interests in Brown and Borsheim, thus began the Omaha staple, Borsheims. The business was sold to Louis Friedman and Simon Gorelick in 1947. In 1950, Louis bought out his brother in law, Simon Gorelick and his son Ike joined the business, who both retained the Borsheims name. In 1980, Ike Friedman bought out his father, Louis. Ike's son Alan and son in law joined the business. In 1985, his other son in law, Donald Yale joined the business. His two daughters, Janis Yale and Susie Cohn also worked in the business.
In 1986, Borsheims moved to the Regency Court Mall. In 1989, investor Warren Buffett purchased a majority of Borsheims stock, making it part of his holding company, Berkshire Hathaway. It was the first of Berkshire Hathaway’s jewelry companies and the business is still part of its portfolio, being also featured in Buffett's letters to shareholders and used for its annual shareholder meeting in Omaha, Nebraska. Donald Yale stayed CEO until 1994, and when he retired, Buffett offered Susan Jacques the job of running the business. Ike Friedman died in 1991 and Donald Yale was named President and CEO. Alan Friedman left the business. Donald Yale served in that post until he retired in 1994. Susan Jacques was named his successor.
Borsheims is now led by Karen Goracke, who became Borsheims president and CEO in 2013. The store maintains an inventory that includes more than 50,000 pieces of jewelry and watches.
It has been the location of Berkshire shareholder-only events held in association with its annual general meeting.
References
- The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
- The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
- The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
- The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers by Robert P. Miles
- Crazy Warren Buffett to Again Sell Jewelry at Borsheims, Forbes, February 29, 2012
- Berkshire Hathaway Inc, Shareholder Letters, To the Stockholders of Berkshire Hathaway Inc.
- Robert Miles, Buffett Gems, The Jewels in Berkshire Hathaway’s Crown, Couture International Jeweler, November 2002 issue
- ORACLE OF OMAHA` STILL HAS MIDAS TOUCH, By Rogers Worthington, Chicago Tribune, Apr 02, 1989 at 12:00 am
- 5 to be Inducted into Omaha Chamber Business Hall of Fame, Omaha.com
- Podsada, Janice (2013-10-08). "Warren Buffett's pick for Borsheims CEO took six-year break on rise to the top". Omaha.com. The Omaha World Herald. Archived from the original on 2014-02-26. Retrieved 2014-02-26.
- "Borsheims | Omaha Magazine". Archived from the original on 2014-03-08. Retrieved 2013-10-14.
- Buffett, Warren. "Berkshire Hathaway Inc. Annual Report 2016" (PDF). Berkshire Hathaway. p. 27. Retrieved 26 February 2017.
External links
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| Scott Fetzer | |||||
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| Major public company ownership positions |
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