Saturday, January 12, 2013

Seattle bankruptcy hearing to decide Tully's sale

Patrick Dempsey's investment group has won the bid to purchase Tully's Coffee. Dempsey meets the staff at the Tully's Coffee on Western Avenue near the Pike Place Market on Friday, Jan. 4, 2013. Dempsey meets with employees from left including Stephen Loewen, Susie Campos and Sarah Paulson. (AP Photo/The Seattle Times, Mike Siegel) OUTS: SEATTLE OUT, USA TODAY OUT, MAGAZINES OUT, TELEVISION OUT, SALES OUT. MANDATORY CREDIT TO: MIKE SIEGEL/THE SEATTLE TIMES.

Patrick Dempsey's investment group has won the bid to purchase Tully's Coffee. Dempsey meets the staff at the Tully's Coffee on Western Avenue near the Pike Place Market on Friday, Jan. 4, 2013. Dempsey meets with employees from left including Stephen Loewen, Susie Campos and Sarah Paulson. (AP Photo/The Seattle Times, Mike Siegel) OUTS: SEATTLE OUT, USA TODAY OUT, MAGAZINES OUT, TELEVISION OUT, SALES OUT. MANDATORY CREDIT TO: MIKE SIEGEL/THE SEATTLE TIMES.

Patrick Dempsey's investment group has won the bid to purchase Tully's Coffee. Dempsey meets the staff at the Tully's Coffee on Western Avenue near the Pike Place Market on Friday, Jan. 4, 2013. (AP Photo/The Seattle Times, Mike Siegel) OUTS: SEATTLE OUT, USA TODAY OUT, MAGAZINES OUT, TELEVISION OUT, SALES OUT. MANDATORY CREDIT TO: MIKE SIEGEL/THE SEATTLE TIMES.

(AP) ? The auction for beleaguered coffee company Tully's will likely conclude Friday in federal bankruptcy court, with an ownership group led by actor Patrick Dempsey in position to take over the chain. But Starbucks isn't' out of the running.

Dempsey ? dubbed "McDreamy" in the "Grey's Anatomy" hospital TV drama ? claimed victory last week after an auction.

But a company that teamed up with Starbucks to bid for the Tully's chain filed an objection Wednesday. 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.

Tully's has 47 shops in Washington and California with more than 500 employees. It filed for Chapter 11 bankruptcy protection in October.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-01-11-Tully's%20Coffee-Sale/id-209a932dabab4c6e9980e59adc33bde1

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