Actor Patrick Dempsey’s group wins bid for Tully’s
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.
Sweets and snacks event bucks trade show trend
Retailer and supplier consolidation has led to the demise of some conventional trade shows, but that’s not the case with the Sweets & Snacks Expo.
Record attendance is expected at the event scheduled for May 21 through May 23 in Chicago due in part to format changes by event organizer the National Confectioners Association and the strength of merchandise categories represented at the mega event.
Sponsored by the National Confectioners Association, the 2013 Expo is now in its 17th year and event organizers recently announced that exhibit space at Chicago’s McCormick Place is nearly sold out. The increased popularity is due in part to a format change seven years ago that added snacks to the mix of categories represented. As a result, a number of big-name items, including Frito-Lay’s Cracker Jack and Unilever’s single-serve frozen novelties will be on hand this year.
"Seven years ago, when the NCA board decided to incorporate snacks into the Expo, the thought was to increase the opportunities and efficiencies of those already attending," says Larry Graham, NCA president. "By adding respected brands like Cracker Jack, as well as new categories like ice cream, the Expo has become now, more than ever, a retailers’ one-stop-shop for candy and snack needs in a growing variety of product categories."
According to Tim Quinn, Expo chairman and vp of trade development at Mars Chocolate North America, "candy and snack category sales continue to outpace total store sales, and in a challenging economy, retailers increasingly rely on those categories that are proven sales performers. The Expo was designed to not only provide retailers access to more new and exciting products, but also to offer merchandising solutions and keynote topics designed to turn insights into actions," Quinn said.
Event organizers also said this year’s Expo will feature an unprecedented number of international exhibitors, with a new Ecuadorian pavilion joining Brazilian, Chinese, German and Mexican pavilions.
"It has become increasingly important that our industry continue to expand our markets to include other countries and regions," Quinn said. "The global marketplace provides an area of growth opportunity going forward, and our Expo is the place to connect with manufacturers from around the world to discover international products that can set retailers apart from the rest."
Coinstar shakes up executive leadership positions
BELLEVUE, Wash. — Coinstar, a leading provider of automated retail solutions, has appointed its current CFO J. Scott Di Valerio as new CEO, effective April 1. At that time, Di Valerio will also be appointed to the Coinstar board of directors.
Di Valerio succeeds Paul Davis, who is retiring on March 31, and will remain a member of the board until then.
Di Valerio has been CFO at Coinstar since 2010, and has overseen Coinstar’s corporate information technology and supply chain functions.
"Scott’s appointment as CEO is a direct result of the Board’s long-time focus on developing a deep management team and ensures that Coinstar will continue to benefit from strong leadership following Paul’s retirement," said Deborah Bevier, chair of the board. "On behalf of the Coinstar board and the entire organization, I would like to thank Paul for his outstanding leadership of the company. For nearly four years as Coinstar’s CEO, Paul has successfully guided the company to tremendous growth and profitability through a wide range of initiatives, including refocusing Coinstar on organic growth through its core businesses, shedding underperforming businesses, and growing Redbox from 6,000 kiosks to the 42,000 kiosks we have today. Thanks to his strong leadership, Coinstar is well positioned for future growth. We wish him the very best in his retirement."
"I am extremely proud of the many accomplishments we have achieved at Coinstar and look forward to teaming with Scott and the entire management team to ensure a smooth transition in the months ahead. I have been fortunate to have worked closely with Scott during the past three years, and I can attest firsthand that he is the right executive with the right experience and background to lead Coinstar forward. I believe that under Scott’s leadership, Coinstar will continue to expand on its market-leading position and in new venture opportunities to drive future growth and value creation for our shareholders," said Davis.
"I am honored by the confidence the board has in me to lead Coinstar through its next chapter of growth and share Paul’s enthusiasm for Coinstar’s automated retail businesses and the opportunities we have to deliver value to our shareholders. I am excited to continue our work and lead our talented team in growing the business through the strategic initiatives and new ventures under way and in development," added Di Valerio.
Succeeding Di Valerio as CFO will be Galen C. Smith, SVP of finance at Redbox Automated Retail, Coinstar’s wholly-owned subsidiary. Smith joined Coinstar in 2009 and has served in his current role leading the finance function at Redbox since 2011, and prior as corporate VP of finance and treasurer for Coinstar.