Latest news with #JustSalad
Boston Globe
24-04-2025
- Entertainment
- Boston Globe
Marky's Caviar comes to Brookline; Gary's Pizza opens in the South End
Here, you'll find Roman-style pizzas: crunchy, rectangular slices piled with spring asparagus and truffled pecorino, spicy soppressata, and prosciutto and fig, to name a few, sold by the slice, half, or whole pie. Also on the menu: a wagyu meatball sub, focaccia with chickpea mash, gelato, and panna cotta. Order takeout or delivery (no seating inside) Tuesday through Saturday from 11:30 a.m. until 8 p.m. Get Winter Soup Club A six-week series featuring soup recipes and cozy vibes, plus side dishes and toppings, to get us all through the winter. Enter Email Sign Up Just Salad has arrived at Cambridge Crossing (218 Jacobs St.); it's the first Cambridge location for the chain, which serves wraps, bowls, soups, smoothies, and of course, salads. Advertisement Coming soon : In more healthy news, Life Alive will open in Burlington this summer (91 Middlesex Turnpike). It's one of the brand's larger locales, with 90-plus seats: all the more space to nibble a falafel grain bowl or roasted corn fritters. Plus, this will also be one of their few locations with an espresso bar. And, in the Seaport, Island Creek Oysters opens a seasonal restaurant, Island Creek Raw Bar (99 Autumn Lane), early this summer, shucking the bivalves you know and love. Advertisement Sausages : Visit Cambridge's First Street Market (57 First St.) on Sunday, April 27, for a Best of the Wurst Fest: Wield a sausage passport for access to a luscious link lineup from State Park , Gufo , Formaggio Kitchen , Puritan Oyster Bar , and more, with an array of mustards and beer. The festivities begin at noon; adult tickets are $25, and $10 for kids under 12. Kara Baskin can be reached at
Yahoo
02-04-2025
- Business
- Yahoo
Just Salad ex-CFO missed out on $1.2M, lawsuit claims
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Former Just Salad CFO Stefan Boyd is suing the restaurant chain for $1.2 million he claims he's owed tied to a separation agreement, arguing he lost out on the funds after doing too good a job for the company, according to a complaint filed last week in New York's Manhattan Supreme Court. The suit, filed March 27 by law firm Parker Pohl LLP on Boyd's behalf, contends that Boyd, who left the company in 2023, was instrumental in helping Just Salad achieve a $1 billion valuation after a $200 million funding round in February — and that under the terms of Boyd's separation agreement with the New York-based Just Salad, that valuation entitles Boyd to a $1.2 million payout. The 39-page complaint also alleges that following the February raise, Just Salad's CEO Kenner chose to 'exploit' terminology in the separation agreement, 'by arguing it may technically be read to deprive Boyd of any compensation at all based on language that, in effect, presumed a significantly lower valuation.' 'Stefan put his heart and soul into his work, and as a result, the Company's value has exploded,' David Pohl,co-founder of Parker Pohl LLP told CFO Dive in an emailed statement. 'It never could have occurred to him that, if his work proved far more valuable than anyone ever dreamed, the Company would claim a right to stiff him based on a mistaken contractual definition that, they argue, does not require a payment when the growth is this strong. Just Salad is actually refusing to pay Stefan because his work created too much value and helped the company raise too much money. Just Salad apparently thinks it's OK to treat a dedicated employee this way but we're confident the court will see it differently.' Boyd's former employer, however, contends that the terms as detailed in the separation agreement for such a payout were just not met. 'Stefan Boyd left the company in March of 2023 with a clear separation agreement that he helped craft and negotiate, the terms of this separation agreement were clear and simply not met, and therefore did not stipulate a payment,' a Just Salad spokesperson told CFO Dive via email. 'The accusations and purported statements made are categorically false, and we look forward to vigorously defending these allegations." The terms of Boyd's separation agreement — which is not included in the suit and which his attorneys declined to provide — are at the crux of the dispute, which revolves around the March 17, 2023 agreement, its relationship with a company equity plan, and the unprecedented unicorn status reached by Just Salad with its February raise. An alum of Le Pain Quotidien and JPMorgan, Boyd joined Just Salad in 2019 with the express goal of positioning the company to execute on a planned capital raise at a higher valuation, according to the complaint. During his tenure as CFO, Boyd deferred much of his compensation into an employee equity plan — which promised participants future payouts associated with just such a raise. In the face of a 'strained' relationship with Just Salad CEO Nick Kenner, Boyd left the company in April 2023; his separation agreement stipulated that, though Boyd would no longer participate in the equity plan, he would receive a 'substantial payment' once the stated raise was finalized, the complaint alleges. Boyd currently serves as CFO for Rosa Mexicano Restaurants, taking the seat in April 2023, according to his LinkedIn profile. Goldman Sachs alum Jared Garber was appointed as his successor. Eighteen months after Boyd's departure, Just Salad completed its February raise at a 'staggering' valuation of $1 billion, which required it to sell less equity than it had previously anticipated, according to the complaint. While other participants in the company's equity plan received payments, however, Boyd received a letter informing him that, rather than the $1.2 million, he was entitled only to receive a $150,000 payout following the capital raise — owing to the fact that Just Salad's capital raise required it to sell only 20% of its equity, rather than the 30% that would have acted as a 'trigger' for a distribution event under both the equity plan and the separation agreement, the complaint alleges. 'Indeed, Defendant Just Salad has adopted an absurd position: Boyd should be deprived of the intended reward for his work…because the value he created was too great; he did his job too well; the foundation he built was too strong; the Company grew too much and raised too much money (all while parting with too little of its equity),' the complaint alleges. As well as the $1.2 million, Boyd is also seeking $5 million in damages — a figure he would have collected if he still participated in the company's equity plan following the February raise, according to the suit, which cites alleged comments by CEO Kenner claiming the top executive was aware of that fact. 'Despite also admitting that paying Boyd the lesser $1.2 million under the separation agreement is warranted by the 'spirit of the deal,' Kenner says the Company does not owe Boyd a penny,' the complaint reads, referring to other alleged comments by the CEO. 'Instead, Kenner says Boyd should take satisfaction in his work and be proud: 'you should wear it on your sleeve professionally for the rest of your life,' Kenner said.' Sign in to access your portfolio
Yahoo
02-04-2025
- Business
- Yahoo
Former Just Salad CFO ‘deprived' of $1.2M bonus for ‘doing job too well,' says lawsuit
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. The former CFO of restaurant chain Just Salad claims he was denied a $1.2 million payout not because he underperformed but because the company grew too much, too fast. Stefan Boyd is suing his former employer over the payment that he says is being kept from him due to a technicality. In a complaint filed in New York Supreme Court, the former CFO says that after he left the company in 2023, he was under the impression that if the company raised capital at a deemed valuation of $250 million or more by the end of 2024, he would be compensated. Around September 2024 the lawsuit says, Boyd learned that Just Salad had completed its planned capital raise, securing $200 million at a valuation close to $1 billion. In February of 2025, the company announced the funding round. The filings allege that Just Salad founder and CEO Nick Kenner told Boyd directly when he asked about his compensation that he was 'screwed' because the company's valuation exceeded expectations and the Equity Appreciation Unit plan — on which Boyd's separation payout was premised — had been terminated just two months prior. As a result, Kenner allegedly told Boyd he would receive nothing despite acknowledging that Boyd's work helped enable the company's nearly $1 billion valuation. However, the agreement, which was part of a separation agreement when Boyd left the company in 2023, tied a payout to a distribution event, which, in the EAU's plan, consists of the following: (a) a Sale of the Company or (b) an IPO; provided that the event also qualifies as a 'Change in Ownership or Effective Control' under IRS Code Section 409A. The term sale there is also defined as 'a sale of at least 30% of the membership interests or assets of the company unless the Board chooses to declare a smaller transaction as qualifying.' The technicality that Kenner references is that the amount of equity that Just Salad sold (20%) is less than what is defined as a sale (30%) in section A of the EAU. Due to this, Kenner and company argue Boyd isn't owed anything, although the lawsuit also claims other employees who were in similar positions were paid and are still actively receiving payments 'in the spirit' of the plan. 'Just Salad has adopted an absurd position,' the suit says. 'Boyd should be deprived of the intended reward for his work totaling around $1.2 million — because the value he created was too great; he did his job too well; the foundation he built was too strong; the Company grew too much and raised too much money (all while parting with too little of its equity).' A Just Salad representative said when Boyd left the company in 2023, he had 'a clear separation agreement that he helped craft and negotiate,' and since the terms of the agreement were not met, it did not 'stipulate' a payment.' Just Salad added, 'The accusations and purported statements made are categorically false, and we look forward to vigorously defending these allegations.' Boyd is suing to recover his unpaid wages, along with more than $5 million in additional damages. Recommended Reading CFO crimes, litigation, financial control failures, ethics violations and more Sign in to access your portfolio
Bloomberg
03-03-2025
- Business
- Bloomberg
Just Salad Becomes a Unicorn
Just Salad is officially a unicorn. The fast-casual chain secured $200 million in funding which valued the company at $1 billion dollars. It opened 19 stores in 2024 and is aiming to open 30 this year. Chief Executive Officer Nick Kenner discusses the company's growth plans on "Bloomberg Open Interest." (Source: Bloomberg)
Reuters
24-02-2025
- Business
- Reuters
Just Salad raises new funding at $1 billion valuation
NEW YORK, Feb 24 (Reuters) - Just Salad raised $200 million in funding from an investor group led by Wellington Management, in a deal that valued the restaurant chain at about $1 billion, according to a statement seen by Reuters. D1 Capital Partners, Neuberger Berman and Stripes also participated in the funding round. Just Salad has earmarked some of the capital for its plans to open new stores across the United States. "This deal is going to take Just Salad from a successful regional chain to a national fast-casual player," Just Salad founder Nick Kenner said in an interview. Founded in 2006, Just Salad operates nearly 100 fast-casual restaurants in New York, Florida, Illinois, Massachusetts, New Jersey, Connecticut and Pennsylvania. The restaurant chain is known for its salads, wraps, warm bowls, soups and smoothies. "Our mission is to make everyday health and sustainability possible and this funding in a real way makes that achievable because we are now moving into markets where there aren't a lot of other healthy options at times," Kenner said. Kenner, who serves as CEO and remains the majority owner, has plans to take Just Salad public in the future, but has not finalized when a potential stock market launch could happen. Wellington is a Boston-based asset manager with over $1 trillion of assets under management. It has invested in several consumer companies such as personal care group Harry's, fitness company Peloton and apparel brands Skims and Vuori. New York-based Stripes has invested in several restaurants including Snooze, 7th Street Burger, Levain and PopUp Bagels. Bank of America and Latham & Watkins advised Just Salad on the transaction. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
