Misplaced Pages

This is an old revision of this page, as edited by Jodybaragary (talk | contribs) at 18:02, 27 May 2021 (updated community and philanthropy). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Template:Reimprove

Borsheims (/ˈbɔːrʃaɪmz/ BOR-shymz) is a luxury jewelry store that sells fine timepieces and home decór in Omaha, Nebraska. The store was founded in 1870, and has been a subsidiary of Berkshire Hathaway since 1989.

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.

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.

Borsheims is led by Karen Goracke, who became Borsheims president and CEO in 2013. The store maintains an inventory that includes more than 100,000 pieces of jewelry and watches.

It has been the location of Berkshire shareholder-only events held in association with its annual general meeting.

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.

References

1. 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.
2. "Archived copy". Archived from the original on 2014-03-08. Retrieved 2013-10-14.{{cite web}}: CS1 maint: archived copy as title (link)
3. Buffett, Warren. "Berkshire Hathaway Inc. Annual Report 2016" (PDF). Berkshire Hathaway. p. 27. Retrieved 26 February 2017.

External links

• Borsheims

This United States retail business article is a stub. You can help Misplaced Pages by expanding it.

• v
• t
• e

• Berkshire Hathaway
• Companies based in Omaha, Nebraska
• United States retail company stubs