Dutch Bros to spend up to $41M on Arizona move
Feb 17, 2024, 5:45 AM
Dutch Bros says it expects to spend up to $41 million to move 40% of its support operations from Oregon to Arizona this year. (Dutch Bros Photo)
(Dutch Bros Photo)
Dutch Bros expects to spend up to $31 million on moving part of its operations from its Oregon headquarters to Arizona.
The coffee chain (NYSE: BROS) will relocate about 40% of its support operations staff to Phoenix, a plan it revealed in January.
The company said in a securities filing Wednesday it expected the move to cost between $24 million and $31 million. That sum includes $19 million to $26 on “relocation, retention and transition costs, termination benefits” and $5 million on consulting fees and other costs. It also expects an additional $6 million to $10 million in capital costs for expanding its Phoenix offices.
“Beginning Feb. 8, 2024, affected employees were informed whether their role would be relocated to Arizona, of the relocation assistance to be provided by the company, and, for those choosing not to relocate, of the transition assistance to be provided by the company,” the filing said. “These communications were largely completed by Feb. 9, 2024.”
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