Originally published March 20, 2009 at 10:59 AM | Page modified March 20, 2009 at 11:06 AM

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Tully's Coffee shareholders approve sale of wholesale business

Tully's Coffee shareholders this morning approved the sale of the company's wholesale business for $40.3 million to Green Mountain Coffee Roasters of Vermont.

By Melissa Allison

Seattle Times business reporter

Tully's Coffee shareholders this morning approved the sale of the company's wholesale business for $40.3 million to Green Mountain Coffee Roasters of Vermont.

Tully's adjourned a shareholders meeting on Monday because not enough votes were cast in one of its three classes of stock.

The deal, announced in September, is expected to close on March 27.

Tully's will use the cash to repay about $26 million in debt and rejuvenate its retail business. It also is expected to make a cash distribution to shareholders, although the amount of the distribution has not been disclosed.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

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