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Actor Patrick Dempsey Wins Bid to Buy Tully's Coffee Stores

"Grey's Anatomy" star Patrick Dempsey beat out Starbucks and others with a winning bid of $9.15 million for the Tully's Coffee chain.

Starbucks warned that a winning bid won't be finalized until it's certified during a bankruptcy hearing this week. 

Seattle-based Tully's filed for Chapter 11 protection in October, citing rising commodity prices and "challenging lease economics," and said it planned to close underperforming shops as part of a reorganization.

Tully's operates 47 cafes in Washington and California and also has franchised locations across the country.

"It was a brand that needed to be preserved. There were 500 jobs at stake and it just felt right," Dempsey told CNN.

In a statement, he said his company has a "vision for quality customer service and building the Tully's brand," and that he will be making Seattle his "home away from home."

CNN reported that Starbucks made an offer for some of Tully's assets, while another bidder made an offer for all other assets. The combined total of the Starbucks bid and the other "back-up bid" was $10.56 million, Starbucks said in a statement.

Tully's Coffee's wholesale and online businesses were pruchased by Green Mountain Coffee Roasters in 2009.

 

 

Tags: beverages, m&a
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1 comment about "Actor Patrick Dempsey Wins Bid to Buy Tully's Coffee Stores".
  1. Shelley Nielsen from PayPal Media Network , January 8, 2013 at 8:44 a.m.
    "Can't Buy Me Love," but can buy me some coffee! Good for him!