IRVINE Calif. About 100 employees of Yard House USA Inc. have been given an equity stake in the casual-dining company in the second phase of a limited-ownership program launched in 2005, the company said Thursday.
The employees, who range from entry-level office workers to assistant restaurant managers, will be vested after five years. Other benefits are also being offered, including performance-based promotions, a 401(k) plan, a 50-hour/five-day work week, two consecutive days off, family health benefits, life insurance, paid vacations and dining privileges.
Last year, private-equity firm TSG Consumer Partners LLC acquired a 70-percent stake in the now 20-unit chain as part of a growth plan to expand the casual-dining concept nationwide.
“We’re extremely grateful for the many contributions our employees have made to get us to this point,” said Steele Platt, founder and chief executive. “We feel it’s important to reward our hard working and dedicated team members, and this is one of the most effective and meaningful ways to show our appreciation.”
Yard House said it began offering limited ownership to employees in 2005, when three longtime workers were given equity in the company.