SECOND CUP PULLS UP STAKES IN U.S.
By Adnews Staff
Toronto-based Second Cup Ltd. is pulling out of the U.S. specialty coffee market, and will use the proceeds to expand its Canadian operations. The coffee chain is selling its 70% stake in California-based Coffee People, which operates 30 cafes, to Diedrich coffee in a deal worth $16 million. In addition, Second Cup will retain up to a 20% interest in Diedrich. Second Cup bought a majority interest in Coffee People last May and merged it with its larger U.S. chain, Gloria Jean's.
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