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Borsheims

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Borsheims
Company typeSubsidiary
IndustryRetail
Founded1870; 154 years ago (1870) in Omaha, Nebraska, United States
FounderLouis Borsheim
Headquarters
Omaha, Nebraska
,
United States
Area served
United States
Key people
Karen Goracke
(President and CEO)
Products
ParentBerkshire Hathaway
Websitewww.borsheims.com

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.[1] His two daughters, Janis Yale and Susie Cohn also worked in the business.[2]

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.[3][4] 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.[5][6][7][8] Donald Yale stayed CEO until 1994, and when he retired, Buffett offered Susan Jacques the job of running the business.[9] 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.[10] The store maintains an inventory that includes more than 50,000 pieces of jewelry and watches.[11]

It has been the location of Berkshire shareholder-only events held in association with its annual general meeting.[12]

References

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  1. ^ The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
  2. ^ The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
  3. ^ The Deals of Warren Buffett: Volume 2: The Making of a Billionaire by Glen Arnold
  4. ^ The Warren Buffett CEO: Secrets from the Berkshire Hathaway Managers by Robert P. Miles
  5. ^ Crazy Warren Buffett to Again Sell Jewelry at Borsheims, Forbes, February 29, 2012
  6. ^ Berkshire Hathaway Inc, Shareholder Letters, To the Stockholders of Berkshire Hathaway Inc.
  7. ^ Robert Miles, Buffett Gems, The Jewels in Berkshire Hathaway’s Crown, Couture International Jeweler, November 2002 issue
  8. ^ ORACLE OF OMAHA` STILL HAS MIDAS TOUCH, By Rogers Worthington, Chicago Tribune, Apr 02, 1989 at 12:00 am
  9. ^ 5 to be Inducted into Omaha Chamber Business Hall of Fame, Omaha.com
  10. ^ 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.
  11. ^ "Borsheims | Omaha Magazine". Archived from the original on 2014-03-08. Retrieved 2013-10-14.
  12. ^ Buffett, Warren. "Berkshire Hathaway Inc. Annual Report 2016" (PDF). Berkshire Hathaway. p. 27. Retrieved 26 February 2017.
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