By Associated Press via Washington
Post
SEATTLE — A company that teamed up with Starbucks
Corp. to bid for the Tully’s Coffee chain filed an objection Wednesday
challenging the winning offer made by “Grey’s Anatomy” star Patrick Dempsey.
AgriNurture Inc. said it’s still willing to proceed
with its combined bid with Starbucks of about $10.6 million. The bid from
Dempsey’s company, Global Baristas LLC, was for $9.2 million.
The proposed sale goes before a bankruptcy judge in
Seattle on Friday.
Starbucks has said it wants to convert some of
Tully’s cafes to its own brand. AgriNurture, based in the Philippines, would
run the rest under the Tully’s name.
Cliff Burrows, who heads Starbucks’ Americas
business, said he’s confident the company put forth the best bid with its
companion bidder to give shareholders the most value.
Dempsey said he’s confident the court will decide
that Global Baristas submitted “the highest and best bid.”
AgriNurture, which also does business in the U.S. as
Earthright Holdings Inc., already operates Tully’s franchises in Asia.
Another bidder has also filed an objection to the
sale, saying the rules changed in the middle of the auction.
J
SEATTLE — A company that teamed up with Starbucks
Corp. to bid for the Tully’s Coffee chain filed an objection Wednesday
challenging the winning offer made by “Grey’s Anatomy” star Patrick Dempsey.
AgriNurture Inc. said it’s still willing to proceed
with its combined bid with Starbucks of about $10.6 million. The bid from
Dempsey’s company, Global Baristas LLC, was for $9.2 million.
The proposed sale goes before a bankruptcy judge in
Seattle on Friday.
Starbucks has said it wants to convert some of
Tully’s cafes to its own brand. AgriNurture, based in the Philippines, would
run the rest under the Tully’s name.
Cliff Burrows, who heads Starbucks’ Americas
business, said he’s confident the company put forth the best bid with its
companion bidder to give shareholders the most value.
Dempsey said he’s confident the court will decide
that Global Baristas submitted “the highest and best bid.”
AgriNurture, which also does business in the U.S. as
Earthright Holdings Inc., already operates Tully’s franchises in Asia.
Another bidder has also filed an objection to the
sale, saying the rules changed in the middle of the auction.
---
Related
Bidders
contest sale of coffee shop chain to 'Grey's Anatomy' star Patrick Dempsey
January 09, 2013
SEATTLE – A
company that teamed up with Starbucks Corp. to bid for the Tully's Coffee chain
is challenging the winning offer made by "Grey's Anatomy" star
Patrick Dempsey.
AgriNurture Inc. says
it's still willing to proceed with its combined bid with Starbucks of about
$10.6 million. The bid from Dempsey's company, Global Baristas LLC, was for
$9.2 million.
The proposed sale goes
before a bankruptcy judge in Seattle on Friday.
Starbucks has said it
wants to convert some of Tully's cafes to its own brand, with AgriNurture
running the rest under the Tully's name.
AgriNurture, based in
the Philippines, also does business in the U.S. as Earthright Holdings Inc.
Another bidder has also
filed an objection to the sale, saying the rules changed in the middle of the
auction.
---
Patrick Dempsey Outbids Starbucks for
Tully’s Coffee
January 9, 2013
"Grey's
Anatomy" star Patrick Dempsey won a private bankruptcy auction to buy
Tully's Coffee, a struggling small coffee chain based in Seattle.
Dempsey's company
beat out six other bidders, including Starbucks, and will pay $9.15 million for
Tully's Coffee.
Ahead of his winning
in auction, Dempsey updated his fans via Twitter. "We met the green
monster, looked her in the eye, and...SHE BLINKED!" Dempsey declared his
victory. "We got it! Thank you Seattle!"
However, Starbucks
said that a final determination certifying the winning bid for Tully’s will not
be made until a court hearing set for Jan 11. Starbucks made an offer only for
13 of Tully's company-owned stores in the area of Puget Sound and 12 locations
within Boeing Co. offices, while another bidder made an offer for all assets.
Currently,
Tully's Coffee operates 47 locations in Washington and California and has other
franchises across the country. Tully's filed for Chapter 11 bankruptcy
protection on Oct. 10 and closed 19 locations.
Now
Dempsey plans to spend more time in Seattle, being involved in the running of the
company, although he lives in Los Angeles.
“I'm
thrilled that we won and I'm even more excited about saving Tully's Coffee and
its hundreds of jobs. Tully's is a great company with committed employees, and
with its base in Seattle, one of the world's greatest cities,” Demsey said in
the statement on his winning bid. "I'm confident we will be able to
successfully build the brand and help grow the economy. Seattle has been very
good to me over my career, and I am honored to have the privilege to own Tully's
and work closely with the company's employees.”