Coffee People Reduces Headquarters Staff to Lower Costs; Vice President of Development Resigns.PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 18, 1997--Coffee People, Inc. (Nasdaq:MOKA MOKA Methodology and Software Tools Oriented to Knowledge Based Engineering Applications ), a specialty coffee retailer and operator of coffee houses, said today that its vice president of development has resigned. In total, the company has reduced its Portland headquarters staff by a total of nine positions during August. Steven P. Crantz resigned from the company effective August 15. He joined Coffee People in 1996 and was responsible for site selection and new store development. "The staff reductions reflect actions to reduce costs as part of our goal to return the company to profitability," said Taylor H. Devine, president and chief executive officer of Coffee People. The company's second quarter results, reported in July, included a write off of $5.5 million related to selling or closing seven stores outside its major markets in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. and Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). . The majority of the eliminated positions were related to supporting new store development. The action lowers Coffee People's Portland headquarters staff to 22. "We're continuing to identify additional cost-cutting measures that will not affect the quality of our products and high level of customer service in our retail outlets retail outlet n → punto de venta retail outlet n → point m de vente retail outlet retail n → , " said Devine. "We have a strong customer franchise in our Oregon and Arizona operations which generated approximately $2.0 million in sales in July." Devine also said that one of the company's Coffee Plantation Plantation, city (1990 pop. 66,692), Broward co., SE Fla., a residential suburb of Fort Lauderdale; inc. 1953. The city has grown rapidly along with the development of S Florida. mall-based stores in Arizona is closing at the end of August upon expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of its lease. The store's closure is not expected to have a material adverse effect on the company's revenues or income. Coffee People, in business since 1983, currently operates 47 coffee houses, Motor Mokas(R) and Aero Mokas(R). The company employs approximately 725 throughout its operations. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Actual results may differ materially from projected results. For a complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the company's 10-KSB for 1996 and the Registration Statement on Form SB-2 as filed with the Securities and Exchange Commission effective September 25, 1996. CONTACT: Coffee People or in.ves'com Ken Ross Dolores Dolores (or Delores) was a common given name (until the 1960s in the USA); it is cognate with the English word "dolorous" (meaning sorrowful) and equivalent in meaning. Chenoweth 503/672-3300 503/291-1924 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion