TC Global, Inc. today announced that it is a step closer to exiting from bankruptcy with the sale of its assets to Global Baristas, the investment group that includes Grey's Anatomy star Patrick Dempsey . Global Baristas was selected as the winning bidder late last night, with a bid of almost $10 million.
Tully's filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 10 of 2012, closing nineteen unprofitable locations while relocating almost all of those employees affected by closures to other stores. Since the filing and store closures, same store sales have increased and profitability has improved.
"We are very encouraged and excited that Patrick Dempsey 's commitment to Tully's, to the company, the stores and perhaps most importantly, in keeping the members of Tully's family in place as they are today," stated Scott Pearson , CEO and President of TC Global, Inc. "This is a big win for Seattle."
The hearing where it is expected that the sale will be finalized takes place on January 11 in Seattle.
Tully's Coffee currently operates 47 company-owned stores in Washington and California and continues its partnerships with franchisees and grocery chains throughout the Western United States and Asia.
The sale of TC Global Inc. does not impact the wholesale and online Tully's Coffee® business and brand, which were purchased by Green Mountain Coffee Roasters, Inc. in 2009.
