Sale of Tully's Coffee Shops is Final TC Global Completes the Sale of its Assets to Global Baristas
SEATTLE, July 1, 2013 /PRNewswire/ -- TC Global, Inc. (dba Tully's Coffee Shops or Tully's) today announced that the company has completed the sale of substantially all of its assets to Global Baristas LLC, an investment group led by actor Patrick Dempsey. Global Baristas won an auction of Tully's assets in the Bankruptcy Court last January. Global Baristas has stated its intent to continue the operation of Tully's Coffee Shops and to retain all of its employees.
"Our team has done a great job operating the company through this process," stated Scott Pearson, CEO and President of TC Global. "We are excited about the acquisition by Global Baristas and wish them all the best going forward."
Tully's filed for protection under Chapter 11 of the U.S. Bankruptcy Code on October 10, 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.
Bush Strout & Kornfeld LLP served as the Company's general bankruptcy counsel and Deloitte Financial Advisory Services LLP served as its financial and restructuring advisor.
Tully's Coffee operated 47 company-owned stores in Washington and California and also sold products through franchisees and grocery chains throughout the Western United States and Asia. The sale of the assets 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.
The Bankruptcy Case is In re TC Global, Inc., Bankr. Wash. Case No. 12-20253 (KAO).
SOURCE TC Global, Inc.