Philz Coffee just sold for $145 million. But while investors walk away with millions, some of the workers who helped build the company are losing everything.

For years, Philz offered stock options to select employees — not just executives, but baristas and store managers. Many believed in the company so deeply that they invested thousands of their own dollars. Now, those shares are worthless. Ten former employees have been told they’ll receive nothing, and there’s no plan to repay them.

At the same time, CEO Mahesh Sadarangani says he’s reinvesting all his proceeds from the sale back into the company — but internal documents reportedly said only a portion would be reinvested. And the vague promise of “thank you” bonuses for current employees has no public details. There’s no transparency and no guarantee that the people on the ground — the ones making the drinks and running the stores — will see meaningful compensation.

Behind the press releases and branding, the culture that once made Philz special is falling apart. Employees report low morale and shrinking hours. One longtime manager walked off the job after being told to cut his team’s hours. These decisions don’t reflect a company that cares for its people — they reflect a company looking to protect its investors first.

Philz says it chose its new private equity buyer, Freeman Spogli & Co., because of a shared commitment to “culture.” But culture isn’t a buzzword. It’s built by people — and right now, those people are being ignored.

A $145 million sale should not leave loyal workers behind. If Philz truly believes in people over profit, it must back that up with action. Former employees who invested their own money should be made whole. Current workers should have clear, fair bonuses — and job stability, not shrinking hours.

This moment will define what kind of company Philz wants to be. Add your name if you believe the people who built this company deserve transparency, compensation, and respect.