'McDreamy' beats Starbucks for coffee chain
"It's a much smaller chain that has a lot of potential that hasn't been given the proper care," he said.
But in a statement shortly after the auction on Thursday, Starbucks insinuated that Dempsey shouldn't celebrate just yet.
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Starbucks, which wanted to convert the Tully's cafes to its own brand, said that a final determination on the winning bid won't be made until a court hearing on Jan 11. Starbucks said it's in a "backup" position" to buy 25 of the 47 Tully's cafes, with another undisclosed bidder making an offer for the remainder.
The combined bids of Starbucks and the undisclosed bidder come to $10.6 million, above the $9.2 million Dempsey's company is offering to pay through his company, which was formed in order to purchase Tully's. The other investors in Global Baristas aren't being disclosed.
Tully's Coffee, which is known for serving Joe with a milder taste than Starbucks brand, filed for Chapter 11 bankruptcy protection in October, citing lease obligations and underperforming stores. Tully's wholesale business, which includes Tully's Coffee in bags and single serve K-cup packs that are sold in supermarkets and other stores, is owned separately by Green Mountain Coffee Roasters Inc.
TC Global Inc., the parent company of Tully's, said in a release Friday that it was "encouraged and excited" about Dempsey's commitment to the chain.
Tully's President and CEO Scott Pearson called the deal a "great match" and that the goal is to make sure creditors get paid and to keep as many people employed as possible.
A bankruptcy court document signed late Friday by Pearson and Dempsey said TC Global had determined that Global Baristas submitted the successful bid.
"With this court filing, it's official - our group has been chosen as the successful bidder," Dempsey said in a statement. "We look forward to the court's final approval on Jan 11."
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