Second Cup chairman and CEO Gabriel Tsampalieros dies
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Hey there, time traveller!
This article was published 11/03/2009 (6285 days ago), so information in it may no longer be current.
TORONTO – Second Cup Royalty Income Fund (TSX:SCU.UN) chief executive Gabriel Tsampalieros died Wednesday at age 61 after battling a blood disorder.
“He was a great guy and we are going to miss him,” said James Anas, the fund’s executive vice chairman.
Tsampalieros bought Second Cup Ltd. and Second Cup International in 2006 through his company, The Second Cup Coffee Company Inc.
He was also a board member and CEO of Second Cup GP Inc., a subsidiary of the fund.
“Under Gabe’s leadership, Second Cup remained Canada’s largest franchised specialty coffee company in Canada with 360 cafes and doubling its presence internationally with a further 52 cafes in the Middle East and Turkey as well as opening its first cafe in the United States,” the fund stated in a release.
“Mr. Tsampalieros, along with his board of directors and family trust, built a strong management team and strategic plan for The Second Cup Ltd. The company will continue to grow along with its franchise partners under current management with plans solidly in place.”
It said a new CEO will be announced “in due course.”
From 1995 to 2006, Tsampalieros was president and CEO of restaurant company Cara Operations Ltd. and was previously chairman, president and CEO of Dinecorp Hospitality Inc., which he co-founded in 1981.
Earlier this week the fund said it lost $17.7 million in the fourth quarter after taking a one-time $24.3-million non-cash charge.
The coffee shop fund said the loss amounted to $1.79 per unit for the three months ended Dec. 31 compared with a profit of $5.5 million or 57 cents per unit a year ago.
System sales in the quarter were $53.6 million, down from $54.4 million.
Same store sales fell 1.4 per cent, compared with 0.7 per cent growth a year ago.