Tom’s Market in Yellow Springs is one step closer to becoming a co-op after more than 20 years of private ownership.
The local market was officially purchased by the Yellow Springs Community Foundation in February, and the foundation said it plans to transition the business into a community owned operation within two years.
The grocery will continue operating as usual during this transition period, with current owner Jeff Gray remaining in management until the foundation recruits and trains new leadership.
Both parties have signed a letter of intent to move forward and are now in a 90-day due diligence period.
The foundation has recruited local and national experts help with the transition and planning for future community ownership.
That includes working with Co-op Dayton and participating in the Food Co-op Initiative’s Co-op Conversion learning cohort.
As part of this project, the foundation also launched the Yellow Springs Community Market Fund to raise money for the project to switch to community ownership.
The foundation will hold a town hall in April to give updates on next steps. It plans to share details on its email list and to local media.
