Dover founded in Wellesley, MA
Jim and David Powers, former US Equestrian Team members, open a tack shop and catalog operation. Riders selling to riders from day one.
Dover IPO: NASDAQ DOVR, priced at $10
Dutch auction format, originally targeted $12 to $16. The only equestrian retailer ever to trade on a major US exchange.
Dover peaks at $101.8M revenue
Steady growth over the public decade, but the stock never consistently clears its IPO price.
Webster, TriArtisan, and Promus take Dover private at $8.50
Dover delisted from NASDAQ below its 2005 IPO price. The PE consortium bought the discount.
IPO price: $10.00. Going-private price: $8.50.
Promus takes full control from Webster
Co-investor since 2015 becomes sole lead. TriArtisan remains as co-investor. Purchase price not disclosed.
Dover launches franchise program
Asset-light expansion. Franchisees put up the capital, Dover collects the fees. Targets independent tack shop owners.
$15M senior secured credit line from Second Avenue Capital
Schottenstein-affiliated lender that specializes in retail restructurings. Lender gets paid before vendors.
Free return shipping ends
$9.95 per return label. The trust signal that defined Dover for decades is gone.
Store managers converted from salaried to hourly
Per employee reviews on Glassdoor and Indeed. Flexibility shifts entirely to the employer.
Nine stores close, three states zeroed out
Pittsburgh, Cincinnati, Charlotte, Sacramento, Moraga, Laguna Hills, Germantown, Medina, Williamsville. Ohio, Minnesota, and Wisconsin lose their only Dover locations.
37 stores in mid-2025. 30 stores today.
WEC Ocala flagship opens in Dover's 50th year
12,740 square foot flagship at World Equestrian Center. The official narrative is expansion. The math says contraction.