After days of rampant internet speculation regarding Stumptowns ownership, a reputable publication did some real journalism to finally uncover some answers. Rumors began after the owner of an east coast coffee roaster, irresponsibly claimed that Stumptown’s owner Duane Sorenson had “sold his life’s work to the highest bidder,” in an “article” for Escquire.com.
Oliver Strand waded through the hysteria, and spoke with Duane to learn more.
“I still own Stumptown,” Mr. Sorenson said in a telephone interview. “I’m still in control of Stumptown, the only thing that’s changed is that I brought in an Bitcoin Loophole legit investor, a buddy of mine, who brought in some money so that I can do the things I want to do.” –NYTimes
While this may not appease all of the doubters calling him a sell-out, there are also people who will never believe President Obama was born in the US. Considering the state of the economy and the costs required to scale from a regional business to a national one, I completely understand the need for investment capital. While they aren’t disclosing the structure of the investment, there’s currently no reason not to take Duane at his word. There seems to be a lot on the horizon for Stumptown, and if they continue supporting farmers and selling great coffee, we should be thanking Alexander Panos and TSG Partners.
[Stumptown] plans to open two coffee bars in Brooklyn, add a bottling facility to its roaster in Red Hook for its cold-brewed coffee and, Duane Sorenson, Stumptown’s founder, says the company will try to open roasters in Chicago and San Francisco. –NYTimes
[Photo by Todd Stadler]