Specialty-coffee retailer Tully's yesterday reported it lost $4.6 million in the year ended April 3, widening 78.2 percent from $2.6 million in the 2004 fiscal year. Sales were $54 million, up 6.3 percent from $50.8 million in 2004.
Specialty-coffee retailer Tully’s yesterday reported it lost $4.6 million in the year ended April 3, widening 78.2 percent from $2.6 million in the 2004 fiscal year. Sales were $54 million, up 6.3 percent from $50.8 million in 2004.
While the company’s wholesale, franchising and international sales rose, its U.S. retail-store sales fell 1.3 percent. Comparable-store sales — a key gauge for stores open at least a year — fell 2 percent.
Tully’s paid $2 million to settle a California wage-and-hour lawsuit and provide severance to former President Tony Gioia.
4th biotech startup
Accelerator, the biotech startup-company incubator in the South Lake Union neighborhood, said yesterday it has founded its fourth startup, called Homestead Clinical.
The company is being formed to further develop new diagnostic tools that were started at the Institute for Systems Biology in Seattle.
Patricia Beckmann, a former venture capitalist at Vulcan and a longtime scientist at Immunex, was named the company’s chief scientific officer.
An undisclosed amount of investment was provided by MPM Capital, Amgen Ventures, OVP Venture Partners, Arch Venture Partners, Versant Ventures and Alexandria Real Estate Equities.
Nation / World
Shareholders of Nextel and Sprint approved their $35 billion merger yesterday in separate meetings, setting the marriage on course for regulatory approval as soon as the end of the month.
Meeting in Reston, Va., 71.3 percent of Nextel shareholders endorsed the deal. Ninety-eight percent of Sprint shareholders approved it at their meeting in Overland Park, Kan.
In a conference call, Sprint Chief Executive Gary Forsee said the company hasn’t decided how many layoffs will result from the merger.
Forsee said the new company will continue to grow and will eventually build a super-fast wireless network that will require a robust work force. Sprint and Nextel employ a total 60,000 people, with combined annual revenue of $41 billion.
deal gets approval
Shareholders of both companies overwhelmingly approved Federated Department Stores’ takeover of rival May yesterday, advancing an $11 billion deal that will bring together such nameplates as Macy’s, Bloomingdale’s, Lord & Taylor and Filene’s under one corporate umbrella.
The deal will create a formidable retail force with nearly 1,000 department stores and $30 billion in annual sales. St. Louis-based May will become a division of Cincinnati-based Federated.
Under the terms of the deal, each share of May will be converted into the right to receive $17.75 in cash and 0.3115 share of Federated stock.
Compiled from Seattle Times business staff, The Associated Press and The Washington Post