Tully’s Coffee Sale To Dempsey’s Group Completed
SEATTLE (AP) — An investment group led by actor Patrick Dempsey has completed its $9.2 million acquisition of Tully’s Coffee chain, which filed for Chapter 11 bankruptcy protection last fall.
Dempsey’s group, Global Baristas, won an auction of Tully’s assets in federal bankruptcy court in January, beating out a combined rival bid of about $10.6 million from AgriNurture Inc. and Starbucks Corp.
Starbucks had wanted to buy about half of Tully’s 47 shops in Washington and California and turn them into Starbucks stores, while the rest of the company would keep the Tully’s name under the ownership of AgriNurture, which is based in the Philippines.
Global Baristas has said it intends to continue operating Tully’s and retain its more than 500 employees.
TC Global Inc., which operated Tully’s, sought bankruptcy protection in October, citing lease obligations and underperforming stores.
Tully’s wholesale and online business and brand were acquired by Green Mountain Coffee Roasters Inc. in 2009.
Copyright 2013 The Associated Press.