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Judge Seals Approval in Patrick Dempsey's Tully's Coffee Buyout

January 12, 2013 05:09:30 GMT

The objection filed by rival company AgriNurture Inc. is dismissed by judge before the approval is granted to Dempsey's group, Global Baristas LCC.


Patrick Dempsey
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Photo credit: Mr Blue/WENN

Patrick Dempsey's proposal to acquire ownership of Tully's Coffee has officially been approved by a judge after he and his group prevailed in their bid to acquire the Seattle-based coffee chain in a bankruptcy auction. The judge gave the final say on the matter on February 11.

Rival bidder AgriNurture Inc., which is based in the Philippines, filed an objection at the hearing, saying it had offered $10.6 million, more than what Dempsey's group was willing to give, in a combined bid with Starbucks Corp. Judge Karen Overstreet, however, insisted the January 4 auction was fair.

"I've been deeply humbled by the outpouring of support from the city of Seattle and am very proud to be a new business owner in this amazing city," Dempsey said. "We have a lot to accomplish over the next few months and years, and I am excited to now call Seattle my second home."

A 20-year-old coffee chain that has become a Seattle icon, Tully's filed for Chapter 11 bankruptcy protection in October and subsequently closed 19 unprofitable locations. Dempsey's company, Global Baristas LLC, won the bid to buy Tully's out of bankruptcy with $9.2 million proposal.

Since winning the auction, he has visited several Tully's Coffee stores to get acquainted with the employees and customers. "Heading to Clyde Hill Tully's now to meet employees and our customers. Very exciting," he tweeted, before adding, "On my way in 20 min to Lincoln Square Tully's. Love this city. Very impressed with all of the employees. On way to Mercer Island."

After the hearing, the "Grey's Anatomy" actor excitedly announced his victory, "We won !!! We won !!! Thank you Seattle ! See you soon !"

© AceShowbiz.com




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