After losing company stock Philz Coffee baristas get $525 'thank you' payments
10 days ago
- #Philz Coffee
- #Employee Bonuses
- #Private Equity
- Philz Coffee sold to private equity firm Freeman Spogli for $145 million.
- Former employees lost stock earnings, while current baristas receive $525 'thank you' bonuses.
- Bonuses are pre-tax, with store managers and corporate employees receiving higher amounts based on rank.
- CEO Mahesh Sadarangani reinvested his proceeds from the deal back into Philz after public reporting.
- Baristas express mixed feelings, preferring raises over one-time bonuses.
- No layoffs or store closures expected post-acquisition; benefits and pay to continue as usual.
- Total payout for baristas alone amounts to $518,175.