Baristas Coffee Bids to Buy Tully's Out of Bankruptcy
On Tuesday, Baristas Coffee Companyannounced that it has bid to purchase the assets of TC Global, doing business as Tully's, out of bankruptcy. Tully's is a coffeehouse chain with more than 100 company-owned and franchised locations throughout the western United States.
Baristas CEO Barry Henthorn said in a statement that his company's offer enjoys both "emotional and financial" support from Tully's existing shareholders "and many other members of the community." He expressed confidence that Baristas will be the winning bid, because "our offer is the only one that allows any ongoing benefit to the approximately 6,000 shareholders and does so while maximizing the returns to the other creditors."
By combining management and supply-chain resources, Henthorn expressed confidence that "the combined entities of Baristas and Tully's will be profitable and that operations from just current locations alone will generate in excess of $25 million in revenue and approximately $2 million in profits during 2013."
A bankruptcy court will conduct a hearing on bids for Tully's assets on Jan. 11.
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