Judge: Tully's Coffee to go to Dempsey's group

Published on NewsOK Modified: January 11, 2013 at 8:43 pm •  Published: January 11, 2013
Advertisement
;

Green Mountain preferred to keep the chain of coffee shops intact and operating under the Tully's name.

Lawyers for Tully's and its creditors also expressed concern about what would happen to some company contracts, including a multi-million dollar commitment to people who bought prepaid coffee cards.

At the conclusion of Friday's hearing that lasted several hours, Overstreet said 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.

TC Global filed for Chapter 11 bankruptcy protection in October, citing lease obligations and underperforming stores. It has more than 500 employees.

CEO Scott Pearson said the sale, which is expected to close by the end of January, was a "step forward" for the company.

"I think the best part of it is we're taking care of our creditors and our employees and actually giving something back to our shareholders," Pearson said.

Dempsey has said he believes there is room in Seattle for Tully's and the much larger Starbucks, which is also based there.

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

| |

Advertisement


Trending Now



AROUND THE WEB

  1. 1
    Valerie Harper Says She Is 'Absolutely Cancer-Free'
  2. 2
    Principal: High School Students Suspended Indefinitely For Displaying Confederate Flag
  3. 3
    Obama statement on immigration sets stage for executive action | WashingtonExaminer.com
  4. 4
    Louisiana House votes to keep unconstitutional anti-sodomy law on the books
  5. 5
    This Awesome Interactive Map Shows The Most Popular Music in America | TIME
+ show more