The billionaire owner of Patagonia has given the company away to environmental causes in a bid to help fight the climate crisis.
Standing by the morals the sportswear and outdoors fashion brand has always aligned with, and in a move that is no doubt setting the standard when it comes to environmental corporate leadership, Patagonia founder Yvon Chouinard and his family are giving away the entire company valued at $3 billion to a uniquely-structured trust and non-profit.
The move is designed to put all of the company’s profits into saving the planet.
Previously, Patagonia had given away 1% of its sales each year, and 2018, it said it was in “business to save our home planet” – but now, reluctant billionaire Mr Chouinard has said he feels this is “not enough”.
“I never wanted to be a businessman,” Mr Chouinard explained.
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“I started as a craftsman, making climbing gear for my friends and myself, then got into apparel [but] as we began to witness the extent of global warming and ecological destruction, and our own contribution to it, Patagonia is committed to using our company to change the way business was done.
“If we could do the right thing while making enough to pay the bills, we could influence customers and other businesses, and maybe change the system along the way.”
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Patagonia founder gives away $3 billion company to environmental causes fighting climate crisis / Credit: Patagonia
Kicking off the next 50 years, Patagonia says it’s “going purpose” instead of “going public”.
All ownership has been transferred to two new entities – Patagonia Purpose Trust and the Holdfast Collective.
Most significantly, every dollar that is not reinvested back into Patagonia will be distributed as dividends to protect the planet.
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The Patagonia Purpose Trust now owns all the voting stock of the company, and exists to create a more permanent legal structure to “enshrine Patagonia’s purpose and values”, and will help ensure that there is never deviation from the intent of the founder.
It will facilitate what the company says it continues to do best – “demonstrate as a for-profit business that capitalism can work for the planet.”
Instead of “going public,” you could say we’re “going purpose.” Instead of extracting value from nature and transforming it into wealth for investors, we’ll use the wealth Patagonia creates to protect the source of all wealth.
The Holdfast Collective now owns all the non-voting stock, and will use every dollar received from Patagonia to “protect nature and biodiversity”, support thriving communities, and ultimately, work on tackling and preventing climate change.
Each year, profits that are not reinvested back into the business, will be distributed by Patagonia as a dividend to help fight the climate crisis.
Announcing the transfer of the company, Mr Chouinard: “It’s been a half-century since we began our experiment in responsible business, but if we have any hope of a thriving planet 50 years from now, it demands all of us doing all we can with the resources we have.
“As the business leader I never wanted to be, I am doing my part.
“Instead of extracting value from nature and transforming it into wealth, we are using the wealth Patagonia creates to protect the source.
“We’re making Earth our only shareholder – I am dead serious about saving this planet.”
Featured Image – Patagonia
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Simon Rimmer shuts final Greater Manchester branch of beloved Greens restaurant
Daisy Jackson
Simon Rimmer’s much-loved Greens restaurant is no more, as the final branch announces its immediate closure.
The vegetarian restaurant launched in Didsbury way back in 1990, but confirmed its shock closure at the start of its year.
The newer Greens restaurant in Sale had remained open for business – until today.
In a statement share online, the restaurant said the business has become ‘untenable’.
The statement, which was shared with a simple broken heart emoji, added that the team have ‘done everything possible’ to stay afloat.
Greens hasn’t shared as much detail about its Sale closure.
Simon Rimmer’s Greens restaurant in Sale has announced its immediate closure. Credit: The Manc Group
They wrote: “It is with deep regret that the board of directors and shareholders have decided to close the doors permanently on Greens Sale with immediate effect.
“We’ve done everything possible to make this work, but it is now clear the business is untenable.
“We’d like to thank everyone, team members & guests, who have been on the Greens journey with us.”
It’s another blow to the Manchester’s famous vegan and vegetarian restaurant scene, which has lost the likes of Wholesome Junkies, Vurger Co, and V Rev all shutting down in the last couple of years.
Wholesome Junkies shut down because of ‘skyrocketing costs’, writing at the time of their closure in July: “The figures just don’t add up, it’s no joke and it’s devastating the hospitality industry.”
Northern blocks access to dating apps and websites on-board trains
Emily Sergeant
Access to dating apps and websites is now blocked on-board trains travelling across the north, it has been revealed.
Northern says there’s “good reason” for taking this decision.
This is because the WiFi provided by the train operator on-board its services travelling across the north of England is delivered under the ‘Friendly WiFi’ scheme, which blocks access to certain categories of content – including those associated with dating.
Websites and apps related to video streaming, gambling, alcohol, adult content, pornography, and nudity are also blocked.
Northern has blocked access to dating apps and websites on-board its trains / Credit: Northern
The company says ‘Friendly WiFi’ – which it has been signed up to since 2017 – ensures its on-board internet service meets “minimum filtering standards” given the fact that children could be present around passengers at all times.
The decision to ban dating apps and websites comes after Northern also urged passengers to stop viewing content that’s “not suitable for work” on its trains and stations in Greater Manchester and beyond, and pleaded for them to “wait until you get home” instead.
Content that Northern considers ‘NSFW’ can range from inappropriate jokes and bad language, right through to offensive topics and explicit material.
The train operator has explained the “good reason” for its decision / Credit: Northern
Northern’s Chief Operating Officer, Matt Rice, said access to “safe and reliable” internet is part of passengers’ expectations.
“Whilst some dating websites and users will operate with appropriate levels of self-moderation, some might not and it’s important that content not suitable for everyone to see or hear, particularly children, isn’t viewed on our trains,” Mr Rice explained.
“It’s simply about ensuring that there is sufficient bandwidth for all our customers to use while they’re on the go.
Emily Sergeant -
15th September 2022 
