Cutting Back, Toronto Firm Reduces Stake in Diedrich

A Toronto company that wound up with an 8% stake in Diedrich Coffee Inc. said Wednesday in a filing with regulators that it has reduced its stake in the Irvine coffeehouse chain to 6.8%.

Second Cup Ltd. said in the filing with the Securities and Exchange Commission that it sold 190,000 Diedrich shares between Dec. 1 and Jan. 18 at prices ranging from 41 cents to $1.31 a share.

Second Cup had acquired its stake last year by selling its 69% interest in Coffee People Inc. to Diedrich for $23 million in cash and 1.5 million shares of Diedrich stock.

After its recent sales, Second Cup said it now beneficially holds 854,495 shares of Diedrich.