Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth and for LAist. Make your year-end tax-deductible gift now.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Starbucks Could Burn Dempsey's Chance at Buying Coffee Shop
Photo by Cinema Festival via Shutterstock
When Seattle-based coffee house Tully's filed for bankruptcy last year, an unlikely candidate came to the rescue: Patrick Dempsey, more commonly known to the ladies as McDreamy. Dempsey was hell-bent on beating out Starbucks in the auction of the company whose was part of the bankruptcy proceedings. It seemed that Dempsey had beat the "green giant" fair and square, but now, just before the final January 11 sale date, it seems that there might be a glitch in his plans.
According to the AP, AgriNurture Inc. has teamed up with Starbucks to put in a bid for $10.6 million. The bid from Dempsey’s company, Global Baristas LLC, was for $9.2 million.
Starbucks has said it wants to convert some of Tully’s cafes to its own brand. AgriNurture, based in the Philippines, would run the rest under the Tully’s name. Cliff Burrows, who heads Starbucks’ Americas business, said he’s confident the company put forth the best bid with its companion bidder to give shareholders the most value. Dempsey said he’s confident the court will decide that Global Baristas submitted “the highest and best bid.”
The proposed sale goes before a bankruptcy judge in Seattle on Friday.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
