Phoenix business owner giving jewelry store to employees

When a business closes down, the owner often thanks his employees, locks the door and sells the remaining assets.

But according to ABC 15, one Valley business man chose to hand his business over to three long-time employees rather than laying them off.

“It’s just something I wanted to give back to the people that gave me so much,” Yuri Shemesh said.

Shemesh owns Moda Fina jewelry, located at 3240 E Camelback Road. He decided to keep the building, so the new owners will have to pay rent, but everything else is now in their control.