Theo Chocolate announces merger, plans to close Seattle factory
Theo Chocolate's ALC merger, Seattle operations closing
The Chocolate will be merging with the American Licorice Company effectively ending their operations out of Seattle.
SEATTLE - Seattle's Theo Chocolate announced a merger with the American Licorice Company (ALC) that will lead to the closure of Seattle-run operations.
Once a local Seattle company, Theo chocolate will now be joining the ALC's organic and better-for-you brand portfolio. According to a press release by Theo, it maintains its commitment to serving customers organic and ethically-sourced chocalate.
The decisioncomes after the company began to restructure its operations in hopes of ensuring the future of the brand.
"Like other businesses, we are contending with rising costs across all aspects of our manufacturing and supply chain, requiring us to change. We’ve had to make some tough but necessary decisions to ensure the company's long-term viability," said Etienne Patout, CEO of Theo Chocolate.
As a result of the merger and Seattle manufacturing coming to an end, the company reports that 60 employees will be separated in the second half of 2023. However, Theo Chocolate headquarters will still keep its presence in Seattle as the flagship store and confection kitchen.
"We are incredibly grateful for our dedicated team members who have championed Theo’s mission," said Patout. "We are committed to supporting those impacted by the transition ahead. Impacted employees were offered a severance package, including COBRA medical coverage and payouts of PTO balances, as well as access to mental health and job search resources."
The operational changes are in process and the proposed transaction is expected to close in the third quarter of 2023.