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After losing company stock Philz Coffee baristas get $525 'thank you' payments

The bonuses come after the coffee chain was acquired by Freeman Spogli in deal that made former employees’ stocks worthless

After 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. “I personally visited nearly 40 percent of our stores since the acquisition was announced and the thank you bonus of $525 for each barista was well received and appreciated by all of our team members,” wrote CEO Mahesh Sadarangani in a statement to Mission Local on Aug. 13.

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