Philz Coffee Baristas to Receive $525 Bonuses After Acquisition
By
lando2319
Baker's choice. Dense with flavour, light on filler.
Summary
Philz Coffee baristas are set to receive $525 bonuses as a gesture of gratitude from the company and its new owner, Freeman Spogli, following the acquisition that rendered former employees' stock holdings worthless. The bonuses come after criticism over the financial impact on workers due to the sale.
Key quotes
· 2 pulledAfter Philz Coffee stripped former employees of any stock earnings when it was sold to a private equity company for $145 million, costing some workers tens of thousands of dollars, baristas will on Friday receive their 'thank you' bonuses: $525.
The bonuses will be paid by 'Philz Coffee, supported by Freeman Spogli,' the private equity firm that bought the company, according to a press release.
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