The Second Cup Company has announced the upcoming acquisition of 17 Second Cup franchised cafés concentrated in prime locations in Toronto, Canada. The cafés are being obtained via a Personal Property Security Act foreclosure, as a result of funds owed to Second Cup of approximately US$1.96 million. Second Cup made no comment on why the money was owed. Second Cup said it plans to refranchise most of the acquired 17 cafés, in line with its new Café of the Future concept. Debbie and Bob Riches, who currently own the cafés, will now manage them, as well as additional company-owned locations. “The combination of financial resources from Second Cup and management talent from the Riches provides a value creation opportunity for Second Cup,” said Alix Box, President and CEO, The Second Cup Ltd., in a statement. Second Cup's first new concept café will be open in Toronto before the end of 2014. The acquisition of the cafés is expected to close on 6 November 2014.
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