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News@lemmy.world · 8 days ago

Philz Coffee Being Sold to Private Equity Firm for $145 Million, Employees Reportedly Getting Screwed Out of Their Stock

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Philz Coffee Being Sold to Private Equity Firm for $145 Million, Employees Reportedly Getting Screwed Out of Their Stock

return2ozma@lemmy.world to

News@lemmy.world · 8 days ago

The once-trendy, San Francisco-born coffeeshop chain Philz Coffee has struck a deal to be sold off to a private equity firm for $145 million, but any employees who bought stock are getting the shaft, as they won’t see a penny of that money.

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CouldntCareBear@sh.itjust.works
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8 days ago
I think that’s how it’s been justified but the company just sold so it’s not worthless anymore right? Can’t have it both ways.
- khannie@lemmy.world
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  8 days ago
  That’s exactly correct. The only caveat is if it’s paying off debt but it sounds like a good old fashioned screwing.

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