17773
17358

Business

Cup of Joe - anytime for Dempsey

by The Canadian Press - Story: 85741
Jan 11, 2013 / 8:52 pm

A bankruptcy judge on Friday approved the sale of beleaguered coffee company Tully's to a group led by Patrick Dempsey.

The actor dubbed "McDreamy" in the "Grey's Anatomy" hospital TV drama had claimed victory last week after an auction, but a company that teamed up with Starbucks Corp. to bid for the Tully's Coffee chain filed an objection Wednesday. AgriNurture Inc. said it was 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.

At a hearing Friday afternoon, Judge Karen Overstreet said the Jan. 4 auction was fair and no mistakes had been made.

In a statement, Dempsey said he was "thrilled that we prevailed."

"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," he 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."

Overstreet said at the conclusion of a hearing Friday that lasted several hours that the auction and the arguments presented by all sides were intricate, but it was not her job to second-guess the decision made by Tully's executives to accept Dempsey's bid.

"Was it complicated? Yes. Did it produce a fantastic result for this case? Yes it did," Overstreet said.

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

After winning last week's bankruptcy auction, Dempsey made an appearance at a Tully's near Pike Place Market, shaking hands with workers and greeting customers before visiting other stores.

The Canadian Press


Read more Business News

17200


Today's Market

S&P TSX 12804.60 +191.55
S&P CDNX 934.77 +0.09
DJIA 15399.98 +64.70
Nasdaq 3498.965 +33.722
S&P 500 1672.26 +5.97
Gold 1378.20 -6.1001
Lumber 316.00 -4.50
Oil 96.43 -0.28
Natural Gas 4.181 +0.091
CDN Dollar 0.9745 N/A

_


Okanagan Companies

Sun Rype 6.12 +0.12
Pacific Safety 0.05 +0.005
Knighthawk 0.02 0.00
QHR Technologies Inc 0.58 +0.03
Cantex 0.015 0.00
Anavex Life Sciences 0.505 -0.025
Metalex Ventures 0.085 +0.01
Russel Metals 27.23 +0.58
Copper Mountain Mining 1.61 +0.09
Colorado Resources 1.53 +0.05
ReliaBrand Inc 0.13 0.00

_







17602

FEATURED Property
16382246765 Hillside Place
143156 bedrooms
$99,900
more details

view all featured properties
Click here to feature your property
Please wait... loading


Tips for a stress-free summer move

The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy condition...


Income properties for sustained recovery

It appears as though more people these days are looking for an investment in real estate which offers cash flow returns. The fundamentals of cash flow type properties had been turned upsi...


Get in the Loop

Getintheloop Marketing Ltd. recently launched their membership platform, Getintheloop.ca. The new website offers an exclusive members area for access to discounts in the South Okanagan on premium res...

_


Previous Stories


17774

FIND MORE
Position yourself in the Okanagan's most visually comprehensive business directory.

Showcase your business like no other marketing can and Join the growing number of businesses that get more customers.
Learn more here



16090

RSS this page.
(Click for RSS instructions.)

Member of BC Press Council