Food Industry
Industry: Email Alert RSS FeedDiedrich to absorb charge after Gloria Jean's closings
Nation's Restaurant News, July 10, 2000
IRVINE, CALIF. -- Diedrich Coffee Inc. expects to take "substantial" noncash charges related to the closing of 39 Gloria Jean's units and other operating shortfalls in the Gloria Jean's division for its fourth quarter and fiscal year ended June 28. Diedrich expects to record a "substantial loss" for both periods. Citing the problems at Gloria Jean's, the company also expects to be in violation of its bank covenants as of June 30 and is negotiating with its lender to amend the terms of its credit agreements.
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In other company news, Lisa Steere was promoted from VP of marketing to executive VP of sales.
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