Seattle -- TC Global Inc., which operates 47 Tully’s Coffee Shops, announced that it is a step closer to exiting from bankruptcy with the sale of its assets to Global Baristas, the investment group led by actor Patrick Dempsey, star of television’s Grey's Anatomy.
Global Baristas was selected as the winning bidder late last night, with a bid of almost $10 million, at a private auction process on Thursday that included Starbucks Coffee and Baristas Coffee. Tully's filed for protection under Chapter 11 on October 10, 2012, closing 19 unprofitable locations.
"We are very encouraged and excited that Patrick Dempsey 's commitment to Tully's, to the company, the stores and perhaps most importantly, in keeping the members of Tully's family in place as they are today," stated Scott Pearson , CEO and President of TC Global, Inc. "This is a big win for Seattle."
The hearing where it is expected that the sale will be finalized takes place on Jan. 11 in Seattle.
Tully's Coffee currently operates 47 company-owned stores and 12 franchised stores.
Tully's said the sale of TC Global does not impact the wholesale and online Tully's Coffee business and brand, which were purchased by Green Mountain Coffee Roasters, Inc. in 2009.