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Patrick Dempsey Out of Tully's Coffee

Patrick Dempsey Out of Tully's Coffee

The 'Grey's Anatomy' actor is dropping out of the business

Cinema Festival/shutterstock.com

The actor is no longer part of the Seattle coffee brand.

Looks like Hugh Jackman is the last (hot) actor standing in the coffee arena. Fox News reports that Patrick Dempsey has pulled out of his Seattle Coffee brand, Tully's coffee, which he fought Starbucks for earlier this year.

Dempsey reportedly filed suit in King County Superior Court, alleging that his business partner took out a $2 million loan from their new company without telling Dempsey. According to a press release, Dempsey "fully resolved" the dispute, as Dempsey decided to leave the partnership in Global Baristas. According to court papers, Dempsey thought that his business partner had enough cash to fund the acquisition of Tully's as well as provide the capital to operate the stores.

"Although Michael and I have dissolved our business relationship, I am happy to have been a part of the effort that brought awareness to the Tully’s brand,” Dempsey said in a statement. “I wish the Company and Michael all the best.”

In the meantime, Tully's has plans to work with other investors, although none quite as dreamy as Dempsey, we're sure.


Patrick Dempsey Buys Tully’s Coffee for $9.15 Million After Outbidding Starbucks

Patrick Dempsey pulled out a win Thursday, Jan. 3, during a private auction to buy Seattle-based Tully’s Coffee, his rep confirms to Us Weekly. The Grey’s Anatomy actor, 46, outbid Starbucks with $9.15 million for the coffee chain.

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Dempsey, who is a member of the investment group Global Baristas, was nervous about winning the auction.

“In Seattle, big day tomorrow! Hope we pull it off!” he tweeted Wednesday with a photo of himself at a Tully’s shop with an employee.

The next day he shared the good news. “We met the green monster, looked her in the eye, and . . . she blinked! We got it!” he announced. “Thank you Seattle!”

Patrick Dempsey Twitter.com

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In October, Tully’s filed for Chapter 11 bankruptcy and closed 19 locations, ABC News reports. Dempsey said he hopes to save Tully’s 500 employees from losing their jobs.

“I’m thrilled that we won and I’m even more excited about saving Tully’s Coffee and its hundreds of jobs,” Dempsey said in a statement to Us. “Tully’s is a great company with committed employees, and with its base in Seattle, one of the world’s greatest cities, I’m confident we will be able to successfully build the brand and help grow the economy. Seattle has been very good to me over my career, and I am honored to have the privilege to own Tully’s and work closely with the company’s employees.”

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And Tully’s seems thrilled to have Dempsey as their new owner.

“We are very encouraged and excited that Patrick Dempsey’s commitment to Tully’s, to the company, the stores and perhaps most importantly, in keeping the members of Tully’s family in place as they are today,” Scott Pearson, CEO and President of TC Global, Inc., said in a statement. “This is a big win for Seattle.”

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Stormy Daniels' Lawyer's Coffee Chain Just Ran Out of Coffee

I t’s going to be a rough weekend for Tully’s Coffee, the Seattle-based coffee chain that was once an early Starbucks competitor: it has to shut down its shops temporarily due to a lack of, well, coffee.

The reason? Michael Avenatti, lawyer for adult film star Stormy Daniels and Tully’s former part-owner, says they seem to have fallen behind on keeping up with store supplies.

Daniels is making headlines again after saying she had an &ldquointimate relationship&rdquo with President Donald Trump in 2006 and was paid $130,000 to keep quiet. (Trump denies this claim.) Naturally, her lawyer Avenatti has been busy, filing a lawsuit to release her from her alleged agreement, and fielding press about the pending legal battle.

In the meantime, though, his other job with Tully’s seems to have fallen by the wayside. Avenatti bought Tully’s out of bankruptcy back in 2013 with former Grey’s Anatomy actor Patrick Dempsey, although there are conflicted reports about his level of current involvement. (Dempsey has left the company.) In any case, the coffee chain is currently in distress.

&ldquoAt this time we have very minimal coffee left in stores,” a project director wrote in an internal email to employees obtained by the Seattle Times. &ldquoUnfortunately, we don&rsquot know how long this will take, so we need to prepare the stores to be closed for a couple days.&rdquo

Suzy Quinn, a spokeswoman for Tully&rsquos, told TIME that Avenatti divested his interest in the chain a year ago and serves only as general counsel, saying that the closures were related to a rebranding effort.

“All of the store closures relate to beginning the rebranding process, which takes months,&rdquo Quinn said. “We had to exhaust all existing inventory for the rebranding.”


'Grey's Anatomy' star Patrick Dempsey buying Tully's coffee

LOS ANGELES (Reuters) - Actor Patrick Dempsey, better known as television’s “Dr. McDreamy,” promised to rescue Seattle’s Tully’s coffee chain with a $9.15 million bid to buy it out of bankruptcy.

The “Grey’s Anatomy” star who plays Dr. Derek Shepherd, a surgeon at fictional Seattle Grace Hospital, said his offer bested those from six rival bidders - including global coffee giant Starbucks Corp.

“We met the green monster, looked her in the eye, and . she blinked! We got it!” Dempsey said in a tweet late on Thursday, referring to his company’s face-off with Starbucks.

“I’m even more excited about saving Tully’s Coffee and its hundreds of jobs,” he said in a statement.

“I’m confident we will be able to successfully build the brand,” said Dempsey, whose company Global Baristas LLC, is purchasing the chain.

Tully’s owner TC Global Inc filed for Chapter 11 bankruptcy protection to reorganize in October. The coffee chain, which has more than 500 employees, confirmed in a statement on Friday that Global Baristas was selected as the winning bidder.

Starbucks participated in the auction and is in a back-up position for certain Tully’s assets, a Starbucks spokesman said.

Bidders said a bankruptcy court hearing on the sale is set for January 11 in Seattle. Global Baristas plans to complete the Tully’s deal later this month.

Tully’s owns and operates 47 cafes in Washington and California.

The case is In re TC Global Inc., U.S. Bankruptcy Court, Western District of Washington, No. 12-20253.

Reporting By Lisa Baertlein in Los Angeles and Tom Hals in Wilmington, Delaware


Patrick Dempsey Saves Lives on TV, Saves Jobs With Tully's Purchase

Of all the things that actor Patrick Dempsey has given up while training for long-distance bike rides, coffee isn't one of them.

Just the opposite, explained Dempsey, who has recently talked about giving up sex and shaving his legs as he trains for long-distance bike rides. Dempsey told Bankruptcy Beat that he prefers his coffee with cream and sugar while discussing his plans for the 47-location Tully's coffee chain that he bought out of bankruptcy with a group of investors.

"Coffee and cycling go hand-in-hand," said Dempsey, who---stepping away from the set of "Grey's Anatomy"---pointed out the shared Italian heritage of espresso and competitive biking. Perhaps someday the Tully's brand could affiliate with a mobile bike repair truck that offers both "tech support and caffeine support," he said, thinking aloud about the possibilities for Tully's future.

First, Dempsey's group will have to stabilize the struggling Tully's chain, which filed for bankruptcy in October, blaming its financial hardship on the economic downturn and its trouble persuading investors to put more money into the 21-year-old company. Leaving the details to his financial team, Dempsey said he plans to leave his Malibu, Calif., home to visit the company's Seattle headquarters twice a month for updates on everything, especially quality control for the Green Mountain Coffee Roasters -branded coffee it serves.

Being told that you brew a good coffee, Dempsey said, is one of the "biggest compliments you can get from someone."


Patrick Dempsey out of Tully's Coffee venture

SEATTLE (AP) -- Actor Patrick Dempsey and his business partner in the venture that acquired Tully's Coffee out of bankruptcy have dissolved their partnership.

In a joint statement late Friday, the "Grey's Anatomy" star and California lawyer Michael Avenatti said their legal dispute has been "fully resolved to the satisfaction of all concerned."

Dubbed "McDreamy" on the TV hospital drama, Dempsey was the public face of the successful bid. He said Friday he was "happy to have been a part of the effort that brought awareness to the Tully's brand."

Court documents filed Aug. 20 in Dempsey's King County Superior Court lawsuit against Avenatti said the lawyer initially was the sole owner of Global Baristas LLC. The documents say Dempsey joined Global Baristas a short time later. The ownership group prevailed against other bidders including Starbucks in an auction last January that included more than 40 Puget Sound-area Tully's stores.

In the court papers, Dempsey said his decision to participate in Global Baristas was based, in part, on his understanding that Avenatti was committing sufficient cash to both fund the acquisition and provide working capital to operate the stores. The deal finally closed June 30.

Instead, Dempsey alleged that Avenatti used Global Baristas to borrow $2 million for working capital without telling him.

In the joint statement, Dempsey said he wished "the Company and Michael all the best" and added, "I am happy that we have resolved our differences and have put this behind us."

Avenatti, "with other investors and the management team, will be moving forward with Tully's, a great company with a great product," Avenatti spokeswoman Suzy Quinn said.

A report on the dispute was first carried in The Seattle Times.

The successful Tully's bid from Global Baristas was for about $9.2 million.

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

Previous Tully's owner TC Global Inc. filed for Chapter 11 bankruptcy protection in October, citing lease obligations and underperforming stores.

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Patrick Dempsey out of Tully's Coffee venture

ACTOR Patrick Dempsey and his business partner in the venture that acquired Tully's Coffee out of bankruptcy have dissolved their partnership.

FILE - In a June 25, 2011 file photo, Patrick Dempsey attends the German premier of the movie Transformer 3 in Berlin. Dempsey is bringing his passion for auto racing to television with a new documentary series. The Velocity channel said Thursday, April 5, 2012 that the "Grey's Anatomy" star will produce "Road to Le Mans," a four-part series about his competition in the venerable French race next year. (AP Photo/Markus Schreiber, File) Source:AP

ACTOR Patrick Dempsey and his business partner in the venture that acquired Tully's Coffee out of bankruptcy have dissolved their partnership.

In a joint statement late Friday, the Grey&aposs Anatomy star and California lawyer Michael Avenatti said their legal dispute has been "fully resolved to the satisfaction of all concerned."

Dubbed "McDreamy" on the TV hospital drama, Dempsey was the public face of the successful bid. He said Friday he was "happy to have been a part of the effort that brought awareness to the Tully&aposs brand."

Court documents filed August 20 in Dempsey&aposs King County Superior Court lawsuit against Avenatti said the lawyer initially was the sole owner of Global Baristas LLC. The documents say Dempsey joined Global Baristas a short time later. The ownership group prevailed against other bidders including Starbucks in an auction last January that included more than 40 Puget Sound-area Tully&aposs stores.

In the court papers, Dempsey said his decision to participate in Global Baristas was based, in part, on his understanding that Avenatti was committing sufficient cash to both fund the acquisition and provide working capital to operate the stores. The deal finally closed June 30.

Instead, Dempsey alleged that Avenatti used Global Baristas to borrow US$2 million ($2.2 million) for working capital without telling him.

In the joint statement, Dempsey said he wished "the Company and Michael all the best" and added, "I am happy that we have resolved our differences and have put this behind us."

Avenatti, "with other investors and the management team, will be moving forward with Tully&aposs, a great company with a great product," Avenatti spokeswoman Suzy Quinn said.

A report on the dispute was first carried in The Seattle Times.

The successful Tully&aposs bid from Global Baristas was for about US$9.2 million.

After the auction, Dempsey made an appearance at a Tully&aposs near Pike Place Market, shaking hands with workers and greeting customers before visiting other stores.

Previous Tully&aposs owner TC Global Inc filed for Chapter 11 bankruptcy protection in October, citing lease obligations and underperforming stores.


'Grey's Anatomy' star Patrick Dempsey buying Tully's coffee

LOS ANGELES (Reuters) - Actor Patrick Dempsey, better known as television's "Dr. McDreamy," promised to rescue Seattle's Tully's coffee chain with a $9.15 million bid to buy it out of bankruptcy.

The "Grey's Anatomy" star who plays Dr. Derek Shepherd, a surgeon at fictional Seattle Grace Hospital, said his offer bested those from six rival bidders - including global coffee giant Starbucks Corp.

"We met the green monster, looked her in the eye, and . she blinked! We got it!" Dempsey said in a tweet late on Thursday, referring to his company's face-off with Starbucks.

"I'm even more excited about saving Tully's Coffee and its hundreds of jobs," he said in a statement.

"I'm confident we will be able to successfully build the brand," said Dempsey, whose company Global Baristas LLC, is purchasing the chain.

Tully's owner TC Global Inc filed for Chapter 11 bankruptcy protection to reorganize in October. The coffee chain, which has more than 500 employees, confirmed in a statement on Friday that Global Baristas was selected as the winning bidder.

Starbucks participated in the auction and is in a back-up position for certain Tully's assets, a Starbucks spokesman said.

Bidders said a bankruptcy court hearing on the sale is set for January 11 in Seattle. Global Baristas plans to complete the Tully's deal later this month.

Tully's owns and operates 47 cafes in Washington and California.

The case is In re TC Global Inc., U.S. Bankruptcy Court, Western District of Washington, No. 12-20253.

(Reporting By Lisa Baertlein in Los Angeles and Tom Hals in Wilmington, Delaware)


How 'McDreamy' Plans to Resuscitate Tully's Coffee

Not every coffee company born in Seattle is a winner. Tully's, a 20-year-old chain founded in the Emerald City, filed for Chapter 11 last fall. The chain had trouble competing in the shadow of Starbucks, and it filed for protection reporting $3.7 million in debts and very little cash.

Much of its debt is owed to Green Mountain Coffee Roasters, which owns Tully's wholesale and roasting businesses.

The remaining part of the company — retail stores, agreements with franchisees and the coffee sold in grocery chains — is in need of a cash infusion immediately. (Read More: Tully's Coffee Parent Files for Ch. 11 Bankruptcy)

Actor Patrick Dempsey is one of several parties bidding to buy Tully's out of bankruptcy at an auction Thursday.

Dempsey told the Seattle Times he'd like to save the 500 jobs at risk. "I've always loved this city, and with the purchase of Tully's Coffee, I plan to spend a lot of time in Seattle — and the stores connecting with the community and growing the Tully's brand."

Other reported bidders include Starbucks, which may be interested in taking over half of Tully's stores. Starbucks would not confirm to CNBC it was in the hunt. (Read More:At $7 a Cup, This Starbucks Joe is Black Gold)

And one other bidder stepping up is another Seattle-area coffee chain called Baristas Coffee Company. Baristas is called by some "The Hooters of Coffee" because its coffee servers dress suggestively. However, it appears Baristas would like to keep the Tully's concept separate if its bid prevails.

Tully's made a deal to sell the company last fall to the private equity firm Kachi Partners for $1.5 million in cash, with Kachi also agreeing to take over $3 million in liabilities. If a bidder in Thursday's auction comes in with a better offer to Tully's owner TC Global and creditors, Tully's may have to pay Kachi a breakup fee worth potentially $200,000.

Dempsey's offer is thought to be higher than Kachi's. A lawyer representing the actor's investment group told the Seattle Times, "We're optimistic."

Update: the auction continues into Thursday afternoon, but late Wednesday, Dempsey tweeted that he was in town and posted a picture of himself with a Tully's employee: @Patrick Dempsey: In Seattle, big day tomorrow ! Hope we pull it off !


Patrick Dempsey Says Goodbye to the Coffee Chain He Rescued

The coffee business isn’t that McDreamy, after all. After making a splash in January by outbidding Starbucks for the small and bankrupt Seattle-based coffee chain Tully’s, the investor group Global Baristas has lost actor Patrick Dempsey as its celebrity spokesman after a legal dispute. Dempsey, who identified himself as a “member and manager” of the company in the complaint, said in a joint statement with Global Baristas owner Michael Avenatti, “I am happy that we have resolved our differences and have put this behind us.”

Dempsey had filed a lawsuit on behalf of Global Baristas last week against Avenatti. The Grey’s Anatomy star claimed that Avenatti borrowed $2 million against Tully’s assets without telling Dempsey, rather than fully financing the coffee chain as promised, reports the Seattle Times. Dempsey called the 15 percent interest rate on the loan 𠇎xorbitant” and sued for Avenatti to fund Tully’s operations and meet its working capital needs, as well as for any damages owed the company. Avenatti is calling the situation a misunderstanding.

Suzy Quinn, a spokeswoman for Global Baristas, did not offer additional details about the resolution. She says Tully’s just had its most profitable month in over four years and expects to grow from 48 company-owned U.S. locations to 75 in the next two and a half years. She says they also have plans to open 200 new stores in China.

David Johnson, chief executive officer of Suwanee, Ga., public relations agency Strategic Vision, calls Dempsey’s exit a “major loss” for the coffee chain. “The best thing they could do, when you lose a major endorser, is have someone waiting in the doors right away,” he says. “The longer they don’t have a replacement, the more it signifies there’s a major problem.” While Dempsey held a managerial title and served as the public face of the company, he never invested money in the coffee chain. Avenatti said he will continue moving forward with other investors and the rest of the management team, according to theਊssociated Press.

Dempsey’s departure can’t be good for Tully’s brand. In terms of consumer interest, searches for “Tully’s Coffee” over the last year on Google spiked only once: in January, after Dempsey announced his involvement.


Watch the video: Ellen Pompeo was brutally honest about Greys Anatomy , chaos Patrick Dempsey plays (October 2021).