Actor Patrick Dempsey and his investor group closed on their $9.15 million acquisition of Tully’s Coffee at a minute before midnight Sunday, according to a court filing.
The deal had been expected to close in January, when its terms were approved by U.S. Bankruptcy Court Judge Karen Overstreet. The acquisition was delayed by a number of things, including the new investors needing to complete leases and other contracts, Dempsey’s group has said. Tully’s filed for bankruptcy protection in October and closed 19 unprofitable locations. It now has 48 shops in Washington and California with two more on the way.
“Our team has done a great job operating the company through this process,” Tully’s CEO Scott Pearson said in a release. “We are excited about the acquisition by Global Baristas and wish them all the best going forward.”
The new owners are sending employment offer letters to all of Tully’s nearly 500 employees, according to a company representative.
“This is a fulfillment of our pledge to save all jobs at Tully’s,” he said.
In addition to being offered the same job title with identical benefits and all unused vacation and sick leave, he said, each employee will receive two additional vacation or personal days this year “as a special ‘Welcome’ and ‘Thank You’ for their dedication to the company.”
“Even though this is not inexpensive, it was something that Patrick and the company felt very strongly about doing,” Pearson said.