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Tully’s purchased by Dempsey-led group
An investment group headed by actor Patrick Dempsey agreed to pay more than $9.15 million for Seattle-based Tully’s Coffee on Jan. 3.
With the acquisition of the whole chain, Dempsey’s group will receive Tully’s franchise rights that includes about 70 franchisees and licensed partners. The company employs about 500 people.
A bankruptcy court judge must approve the purchase on Jan. 11.
The Seattle Times reported bankruptcy documents show Tully’s has assets of about $6 million and $3.7 in liabilities.
Dempsey plays Dr. Derek Shepherd in “Grey’s Anatomy” which is set in a fictional Seattle Hospital.
The Tully’s in Port Orchard, located at 4800 Jackson Ave. SE, closed Oct. 14. Tully’s was open for 12 years in Port Orchard. Its closure marked the last free-standing Tully’s in the area. Tully’s has stores inside supermarkets in Belfair, Gig Harbor and Silverdale.
Diane Geurts, director of marketing and public relations for Tully’s, said the sale must first be approved and closed before company leaders take any further action, such as reviewing whether to reopen shuttered locations.
In October, Tully’s officials filed to reorganize the business operations under federal bankruptcy law. The filing coincides with a plan to close a number of our underperforming locations and to keep operating those that make financial sense for the future of our business.
In addition to the reorganization, Tully’s closed a number of unprofitable stores in the Puget Sound area.
Senior reporter Chris Chancellor contributed to this report.