Seattle -- TC Global (dba Tully’s Coffee Shops) has announced the completion of the sale of substantially all of its assets to Global Baristas, an investment group led by Patrick Dempsey. Global Baristas bought the assets in an auction in bankruptcy court last January. The company plans to continue to operate Tully’s Coffee Shops and to retain all of the employees.
Tully’s filed for protection under Chapter 11 of the U.S. Bankruptcy Code in October of last year, closing 19 unprofitable locations while relocating almost all of the employees affected by closures to other stores. Since the filing and store closures, same store sales have increased and profitability has improved.