Tully's Coffee pays off debt, reports smaller loss
Tully's Coffee — which officially changed its name to TC Global — opened four stores during the quarter, including one in Singapore through a joint venture called Tully's Coffee Asia Pacific.
Seattle Times business reporter
Tully's Coffee paid off all of its outstanding debt and shrank its net loss by 45 percent, to $867,000, during the first quarter ended June 28.
Tully's — which officially changed its name to TC Global — opened four stores during the quarter, including one in Singapore through a joint venture called Tully's Coffee Asia Pacific.
The chain now has 170 U.S. stores and three international stores. Same-store sales fell 8.4 percent during the quarter, compared with a decline of 0.4 percent during the same quarter a year earlier.
Tully's interest expense fell from $720,000 to $5,000 largely because it paid off $15.3 million in debts to Benaroya Capital and Northrim Funding, following the March sale of its wholesale business to Green Mountain Coffee Roasters for $40.3 million.
Tully's also made a $6 million distribution to shareholders in May.
Melissa Allison: 206-464-3312 or email@example.com
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