Mastodawn

For everyone who drinks Philz coffee in Bay Area, please note

Once a local gem, the private equity-owned coffee chain has pissed off staff and patrons with its anti-LGBTQ request

@divya The cause of this, like so many businesses before it, is buried 8 paragraphs deep:

Philz…was sold to Los Angeles-based private equity firm Freeman Spogli for $145 million in August of last year.

Private equity are a cancer. Everything they touch dies.

Well on the bright side, since it was sold to private equity the quality will be going down and making avoiding it easier

@gbargoud @paco @divya They weren't just sold to private equity, though.

They sold to private equity while not paying out any of their employee-owners.

They just invalidated the stock owned by there employees.

That is terrible. I would ask "how is that even allowed" but I suspect the answer is "it's not but who's gonna stop them"

Employee stocks will be canceled as part of the deal; former employees point to culture change across Philz Coffee.

Mission Local