Tully's Coffee Warns It Could Go Out of Business without Green Mountain Sale
Yikes. We sure do hope the Green Mountain deal to buy Tully's Coffee goes through, or we could be without our favorite french roast K-Cups soon. According to the Seattle Times Tully's is in dire financial need of this sale because of recurring losses.
Tully's Coffee could go out of business if shareholders do not approve the sale of its wholesale business to Green Mountain Coffee Roasters of Vermont, the Seattle-based coffee chain said in a securities filing Friday.
In a report the day after Tully's announced plans in September to sell the business for $40.3 million to Green Mountain, "our auditors stated that our recurring losses and accumulated deficit raised substantial doubts about our ability to continue as a going concern."
Read more at Seattle Times Newspaper and thanks to Jim for sending this in.
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Posted by Jay Brewer at February 12, 2009 8:41 AM
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