The Island Employee Cooperative

The Island Employee Cooperative is a Maine cooperative corporation created by the employees of Burnt Cove Market, The Galley, and V&S Variety & Pharmacy for the purpose of purchasing the stores from Vern and Sandra Seile.

The Seiles had spent decades building these businesses and when they were ready to retire, they wanted to make sure the jobs they created and the stores they ran continued. What better way than to help the employees become the owners!

On June 11th, 2014, after nearly a year of planning, negotiating and securing financing, the deal was closed and the ownership of the stores was transferred to the IEC, and the workers are the sole shareholders in the company.

Thanks to the Seile’s commitment to both the employees and the community, the jobs and ownership will remain local and will improve life for the many workers employed in these businesses.

It is the mission of the IEC to create good jobs for island residents, to provide the highest quality service for our customers, and to support our island community.

Numerous partners continue to help the IEC be a successful business and fulfill its mission, including:

Independent Retailers Shared Services Cooperative

Contact: Mark Sprackland, Executive Director
, 603-642-6911 office, 603-706-0868 cell

Cooperative Development Institute

We make democratic ownership work for everyone.
Contact: Rob Brown, Program Director, Business Ownership Solutions
, , 207-233-2987, Northport ME


Promoting sustainable economic growth in rural communities since 1977.
Contact: Liz Rogers, SVP, Marketing & Communications
207-632-7693, Portland, ME

Cooperative Fund of New England

A socially responsible lending organization and investment option, supporting cooperatives since 1975.
. 1-800-818-7833
Contact: Gloria J. LaBrecque, Northeast Loan and Outreach Officer
207-272-2296, Portland, ME

National Cooperative Bank

Providing comprehensive banking services to cooperatives and other member-owned organizations throughout the country.
. 1-800-955-9622
2011 Crystal Drive, Suite 800, Arlington, VA 22202

Associated Grocers of New England, Inc.

AG New England, is the largest retailer-owned, wholesale grocery Distribution Center In New England.
. (603) 223-6710
11 Cooperative Way, PO Box 6000, Pembroke, NH 03275