FOR IMMEDIATE RELEASE
PHILADELPHIA, PA, Nov. 3, 2015 — For the second year in a row, Weavers Way has paid out a patronage rebate to its members based on profits earned by the Co-op in the last fiscal year.
Weavers Way's Board of Directors declared the rebate, totaling $217,000, at its October meeting. The rebate program began on Friday, Oct. 30.
"It’s a testament to the cooperative business model, plus our dedicated and hard-working staff and a committed membership," said Weavers Way General Manager Jon Roesser. "We look forward to continuing to build on our success."
The amount each Weavers Way member household receives is based on the amount spent at the Co-op during fiscal 2015, July 1, 2014-June 30, 2015. Revenue from Weavers Way's four stores, in Mt. Airy and Chestnut Hill, topped $20 million in FY2015.
Members are eligible to take 20 percent of the rebate in cash; the remainder is deposited into member equity accounts. These accounts represent members' ownership stake in the Co-op, and provide capital and financial stability.
The deadline to redeem the rebate is Jan. 31, 2016. Members can collect their cash in any Weavers Way store, and have the option of donating it to the nonprofit Weavers Way Community Programs right at the register.
About Weavers Way: With stores in Mt. Airy and Chestnut Hill, the Co-op is member-owned, open to the public and committed to offering quality products that are local, sustainable and nutritious. For more information, visit www.weaversway.coop.