SECOND CUP IN COFFEE BUSINESS
By Adnews Staff
The Second Cup Ltd. of Toronto has sold its remaining investment in The Great Canadian Bagel, Ltd. also of Toronto, to the TGCB's majority shareholders for $3.5 million. The transaction is part of the coffee company's plans to focus mainly on its Canadian cafe business. Prior steps included Second Cup pulling out of the U.S. specialty coffee market after it sold its 70 percent stake in California-based Coffee People to Diedrich Coffee earlier this year. Second Cup will continue to work with TGCB in the operation of its ten twin locations or joint Second Cup and Great Canadian Bagel cafes. Second Cup operates 380 cafes across Canada as well as with select marketing partners including Air Canada, VIA Rail and Delta Hotels. PR for Second Cup is handled by Strategic Objectives of Toronto.