May 23, 2013

Save Email Print Bookmark and Share
Posted: Fri 5:46 PM, Jan 11, 2013
A A
Reporter: AP Email
Updated: Fri 5:54 PM, Jan 11, 2013

Judge: Tully's Coffee To Go To Dempsey's Group

SEATTLE (AP) - A bankruptcy judge has 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 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 auction was fair.

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

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Next Story >
Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

US Business News

  • Online Gambling Bets on Return
    PokerStars, the largest online poker company in the world, is playing a difficult hand: Just two years after being shut down in the U.S. it wants to return to the table.
  • Trains Leave Pipeline in Lurch
    A $2 billion pipeline project intended to ship oil from West Texas's booming oil fields to California has failed to pique the interest of several big refiners in the Golden State. The culprit: the growing popularity of railroads.
  • Google Copies Amazon's Playbook
    Google increasingly appears to be following Amazon's lead in such services as a new e-commerce site, cloud computing and services for online shoppers.
  • Occidental CEO Discussed Potential Sale of Assets
    Occidental Petroleum may consider selling its overseas assets or splitting into three separate companies in order to fund a stock buyback and improve its share price, CEO Steve Chazen told investors this week.
  • Dish Secures $9 Billion in Financing for Sprint Bid
    Dish signed commitment letters for about $9 billion in financing for its $25.5 billion bid for Sprint Nextel.
  • AT&T Imposes New Wireless Fee
    AT&T has added a new monthly administrative fee of 61 cents to the bills of all of its contract wireless lines as of May 1, a move that could bring in more than a half-billion dollars in annual revenue to the telecom giant.
  • Gap Continues Rebound
    Gap notched a 43% rise in quarterly earnings as the apparel retailer kept up the momentum of its turnaround.
  • Sears Swings to Loss After Year-Ago Asset Sales Gains
    Sears Holdings swung to a fiscal first-quarter loss as the retailer recorded a large gain on asset sales a year earlier and as revenue and margins weakened in the latest period.
  • Boeing 787 Clears China Hurdle
    China's aviation regulator cleared Boeing's 787 aircraft for commercial service and is expected to allow domestic airlines to launch overseas flights within a matter of months.
  • Saab Ex-Chairman Faces Tax Questions
    Saab Automobile's former chairman will be questioned in connection with a criminal investigation concerning tax controls related to the defunct Swedish auto maker, a spokesperson for the Swedish Economic Crime Authority said.