Sprouts, Inc. (NYSE: SPR) is going to offer all profits from the sale of its new “Sprout for Life” sprout line of foods to the Food Bank of the United States, according to a statement posted on the company’s website.
In a post titled “Our Mission Statement,” Sprouts said it “does not discriminate on the basis of race, religion, color, national origin, age, sex, sexual orientation, gender identity, gender expression, disability, genetic information, age or genetic information of any individual.”
The company also noted that it will donate “90 percent of the gross profits” from sales of the sprouts to the food bank.
Sprouts, the world’s largest producer of Sprout cereals and Sprout snack foods, is currently undergoing a $300 million buyout from its parent company, Sprouts Holdings Inc., which is also known as Sprouts.
Last year, the company announced plans to buy out all its current shareholders in a move that included an increase in stock options and dividends, as well as an increase to its capitalization.
A report by the Wall Street Journal in November said that Sprouts was seeking to raise as much as $3 billion to fund a deal that would allow the company to buy back all of its existing stock and to use the proceeds to buy more assets.
The announcement follows a decision by the Department of Justice on Friday to revoke the franchise agreements for the Sprouts stores, which would have allowed the company and its franchisees to open new locations.
“We are deeply disappointed that our franchisees have chosen to break their lease agreement with Sprouts and that our customers will continue to suffer without access to our products and services,” Sprout Chairman and CEO Steve Johnson said in a statement.
“We are committed to building a stronger, healthier future for our customers and the Sprout community and are confident in the strength of the Spradys brand and its ability to grow the market.”
Sprout was founded in 1988 by former NBA star Dennis Rodman.
The company’s products are now available in over 120 countries and include brands such as Red & White, Tofu, Peanut Butter &.
Jelly Bean, Red &amore, Peet’s Coffee, Nectarines, Tostitos, Oatmeal &, and Kettle Chips.
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