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CHOCK FULL O' NUTS COMPLETES SALES OF JIMBO'S JUMBOS

 NEW YORK, July 8 /PRNewswire/ -- Chock full o' Nuts (NYSE: CHF) announced today that the sale of Jimbo's Jumbos (NASDAQ: PNUT), of which Chock owned approximately 73 percent, has been consummated at a price of $6.93 per share. Chock full o' Nuts received approximately $33,000,000 which has been used to reduce bank debt.
 Joe Breslin, chairman, stated, "We are pleased that the transaction has closed, enabling us to pay down bank debt, which based on current interest rates is expected to reduce interest expense in the coming year by approximately $2.3 million."
 Chock full o' Nuts Corporation roasts, packs and markets regular, instant and decaffeinated coffees under the Chock full o' Nuts label. Its best known coffee product is its premium, vacuum packed, all-method grind coffee. Hillside Coffee, a leading roaster, distributor and marketer of specialty whole bean coffees, provides a unique direct store delivery and full service merchandising program to supermarkets, utilizing attractive end-of-aisle, free-standing display kiosks with self-service grinders. The company is also one of the largest marketers of food service and private label coffees, teas and related products in the United States.
 -0- 7/8/93
 /CONTACT: Joseph Breslin, chairman of Chock full o' Nuts, 212-532-0300/
 (CHF PNUT)


CO: Chock full o' Nuts; Jimbo's Jumbos ST: New York IN: FOD SU:

TS -- NY090 -- 9618 07/08/93 15:47 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
Words:227
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