“McDreamy” Patrick Dempsey to buy Seattle-based Tully’s Coffee
By Industry Leaders Magazine | January 7, 2013 8:56 AM EST
Patrick Dempsey's Global Baristas LLC informed that its bid for Seattle-based Tully's Coffee was accepted. Also Starbucks Corp. and Baristas Coffee Co. took part in a bankruptcy auction. The "McDreamy" Patrick Dempsey's company is to pay approximately $9.15 million for a small coffee chain.
"McDreamy" Dempsey's winning bid
Patrick Dempsey, who is well known for his "McDreamy" role in the popular and beloved "Grey's Anatomy" TV show, informed that his company, Global Baristas LLC, agreed to pay as much as $9.15 million for Tully's Coffee. The acquisition will be finalized later in January after the court hearing. The auction of the Seattle-based coffee chain also included its franchise rights. Few months ago there were more or less 70 franchisees and licensed partners of the coffee chain.
Back in October 2012, TC Global Inc., the parent company of Seattle-based Tully's Coffee, filed for Chapter 11 bankruptcy, underlining its tough economic conditions as it had been struggling with profitability. Seattle-based Tully's Coffee is a small coffee chain with 47 cafés in Washington and California; it had closed nearly 20 stores before it filed for bankruptcy. Tully's Coffee, which is to be bought by "McDreamy" Patrick Dempsey Global Baristas LLC, hires roughly 500 workers as of yet. 20-year-old Tully's Coffee even once counted on an initial public offering of stock as the small coffee chained wanted to safeguard its expansion.
While commenting on the acquisition of Tully's Coffee, "McDreamy" Patrick Dempsey noted that he was very much connected to Seattle which is also home for the small coffee chain. The actor underlined the significance of the survival of Tully's Coffee, adding: "Tully's is a great company with committed employees, and with its base in Seattle, one of the world's greatest cities, I'm confident we will be able to successfully build the brand and help grow the economy."
Sources familiar with the matter informed that of the whole sum, over $2 million was in liabilities, the rest was in cash.
Rivals in the bid
"McDreamy" Patrick Dempsey was not the only one interested in the acquisition of Tully's Coffee. Along with his Global Baristas LLC, Starbuck Corp. and Baristas Coffee Co., which is often called the "Hooters of Coffee," decided to enter the auction.
Just on the 3rd of January, Starbucks Corp. confirmed its participation in the auction for Tully's Coffee. According to a statement made by a spokesperson for Starbucks Corp., the coffee giant made a bid for as many as 13 of Tully's Coffee cafés in the Puget Sound and 12 shops and Boeing Co. sites.
Also Baristas Coffee Co., which is also called the "Hooters of Coffee" thanks to sexy dressed female workers, offered nearly $10.5 million for Tully's Coffee back in December 2012. The young company runs its drive-thru cafés in its hometown Seattle and in states: Arizona, Texas, Florida, and Montana. The Baristas Coffee Co.'s bid for Tully's Coffee was aimed expanding the company's business. The company is widely known due to its unconventional and provocative ideas including its own reality TV show which was to promote the brand. Baristas Coffee Co. does whatever it takes to promote and develop the company either it is a provocative outfit for its female employees or a traditional acquisition.
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