Shake Shack employees have reason to celebrate.
The burger chain went public Friday and investors ate it up. The stock soared as much as 150% from the initial price of $US21, before closing at $US45.90.
That’s welcome news for employees because many of them were rewarded with stock options.
“Every single member of Shake Shack’s management team has been rewarded with stock, including managers at every Shack location,” Shake Shack CEO Randy Garutti tells Eater. “All salaried managers got stock options today.”
Part-time and hourly workers were also rewarded.
“Even our hourly employees, even part-time employees were able to purchase stock at our exclusive price last night,” Garutti said, referring to the $US21 list price. “It’s an expression of a part of the culture of enlightened hospitality that’s built this company.”
Shake Shack was founded in 2004 by restaurateur Danny Meyer. The chain has exploded in recent years, going from seven locations and $US19.5 million in sales four years ago to 63 locations and more than $US83 million in sales last year.
Shake Shack’s options include burgers, milk shakes, frozen custard, and draught sodas.
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