While actor Patrick Dempsey greeted star-struck fans and baristas at Tully’s stores Friday morning, just hours after his investment group won a bankruptcy-driven bid for the chain, Starbucks officials said the competition for Tully’s isn’t over.
Starbucks said it and another bidder offered $10.56 million for the financially struggling chain, more than Dempsey group’s $9.15 million. It declined to say who the other bidder was, but a source who didn’t want to be identified said it was AgriNurture, a Tully’s franchisee in the Philippines.
Dempsey’s group, which includes an undisclosed number of silent partners, won the auction for all 47 Tully’s locations after 13 hours of negotiations among seven bidders on Thursday. The final decision was made by a group of Tully’s executives, creditors and lawyers.Which is more attention than the coffee stores ever got from the customers, as the company was rarely profitable. Hope brews eternal?