Starbucks, Actor Dempsey Compete for Coffee Chain

NEW YORK (AP) -- The competition to buy a small coffee chain is getting steamy, with Starbucks (NASDAQ: SBUX  ) and actor Patrick Dempsey among those vying to become its new owners.

Starbucks confirmed that it is participating in a bankruptcy auction Thursday to buy Tully's Coffee, which has 47 company-owned locations in Washington and California. Tully's filed for Chapter 11 bankruptcy protection in October.

Dempsey, who gained the nickname "McDreamy" on the TV show "Grey's Anatomy" set in a fictional Seattle hospital, also said last week that he wants to rescue the chain. Also in the running is Baristas Coffee  (NASDAQOTH: BCCI  ) , which operates a chain of drive-thru espresso stands featuring female employees in skimpy outfits.

A representative for Starbucks declined to provide details of the company's bid, citing the court's confidentiality orders. But last week, the Seattle Times reported that Starbucks only wants to buy about half of Tully's chains. Both chains are based in Seattle.

The auction process is not public. The outcome is expected to be filed in court Friday.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2178008, ~/Articles/ArticleHandler.aspx, 9/22/2014 4:23:02 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement