Detroit Popcorn Company has a new buyer after backlash over owner's Floyd-related Facebook post
The Detroit Popcorn Company is about to see its third potential ownership change in a week.
Minority-owned Harris Financial Group, based in Pontiac, Michigan, said Thursday that it had signed a letter of intent to acquire the Redford-based company popular for its popcorn gift tins and concessions equipment.
The company's ownership shifted last week when previous owner David Farber announced that he was taking back the company he sold to Evan Singer after comments on Facebook attributed to Singer surfaced and appeared to support police brutality in the wake of the death of George Floyd on May 25 while in police custody in Minneapolis.
The post referred to the method used to detain Floyd – and ultimately kill him – by kneeling on the back of his neck.
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“I’m excited about this rare opportunity to continue the company’s legacy, and remain committed to the high level of quality and service that its customers have come to expect," Harris Financial Group managing partner Ken Harris said in a news release announcing the purchase.
Harris is buying the company after it lost at least two big clients.
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The clients – the Detroit Zoo and Quicken Loans – said they ended their relationships with Detroit Popcorn after seeing the Facebook post under the name Even Sangria that said: “They wonder why they need knee’s (sic) in there (sic) necks.”
While the post is now deleted, screenshots were shared widely on social media, with users calling for customers to boycott Detroit Popcorn and suggesting other businesses from which to buy popcorn.
Farber came out of retirement to buy back the business with the intention of selling it to an African-American investor.
Farber, who bought the 97-year-old company in 2006, sold it to Singer 18 months ago. Farber is now acting as a facilitator of the sale and will no longer hold an ownership stake in the company.
The agreement to sell to Singer had a clause that said that if any disparaging remarks were made that harmed the integrity, good name or reputation of the company, Farber could regain control.
"I want to help,” Farber said. “I want to see it succeed and I want it to be around for another 100 years."
Farber is expected to continue on in an advisory capacity during the transition to new ownership, according to the release. The deal is expected to close in 30 days.
Contact Adrienne Roberts: amroberts@freepress.com.