Second Cup to get new corporate name as it moves to variegate over coffee

The Second Cup Ltd. intends to change a name to Aegis Brands Inc. as partial of a devise to variegate over coffee shops.

The Toronto-area association says a name change is theme to approvals from shareholders and a Toronto Stock Exchange, where a shares are listed.

Steven Pelton, who has been Second Cup’s boss and CEO given May, will be arch executive of Aegis Brands.

Aegis will possess and work a existent Second Cup Coffee Co. as one of a portfolio of brands.

The association says it’s also seeking acquisitions in a foodservice, coffee and cannabis sectors.

Company posted 3rd entertain losses

The name change was announced as Second Cup reported a third-quarter detriment as sales during a cafes fell from a same time final year.

The house posted a $762,000 net detriment and a $62,000 practiced net detriment with about $6.7 million of revenue. System sales were $32.9 million and same-store sales, a pivotal metric for retailers, fell 2.9 per cent.

Net detriment was 4 cents per share and practiced net detriment per share was insignificant.

The practiced detriment released a rebate in a value of Second Cup’s investment in National Access Cannabis warrants.

A year earlier, Second Cup had a $766,000 net profit, and $432,000 practiced net distinction with about $5.9 million of income and $35.7 million of complement sales from a cafes.

Article source: https://www.cbc.ca/news/business/second-cup-to-get-new-corporate-name-as-it-moves-to-diversify-beyond-coffee-1.5352851?cmp=rss