As the food service industry continues to grapple with the pandemic and its consequences, a handful of restaurants and bars in NYC have adopted new structures to make their businesses more equitable. The worker-owned model—in which employees hold stock in the company equally—isn’t a new idea, but more and more business in the city are adopting it, including Astor Wines & Spirits, Banter cafe, Donna, Brooklyn’s Prospect Butcher Co and the forthcoming Sea & Soil Coop. A 2018 Harvard Business Review study found that employee-owned companies were more resilient economically and can boost profits by 14% while creating fairer workplaces and labor conditions. This has been particularly evident for businesses like Astor Wines & Spirits whose manager likens the new model to a “superior form of 401(k).” Co-owners Andy and Rob Fisher say, “The best succession plan is to entrust Astor to the people who have been so instrumental in building our enterprise.” Learn more about the rise of this labor practice at Eater.
Image courtesy of Astor Wine & Spirits