Patrick Dempsey vs. Starbucks: The Fight Is Still On
It looks like Starbucks doesn't take a loss very well: Despite losing a bidding war with Grey's Anatomy star Patrick Dempsey to buy Seattle coffee chain Tully's, Starbucks plans to fight back with the bankruptcy court.
The Seattle Times reports on Starbucks' intent to file a claim with the bankruptcy court to prove its bids, along with AgriNurture's bids, should be accepted over Dempsey's bids. Dempsey's final bid for Tully's coffee stores was $9.15 million; together, Starbucks and AgriNurture (a wholesale retailer of fruits and veggies) made a combined bid of $10.56 million for Tully's. According to sources, Starbucks wants Tully's 25 Seattle storefronts — which could very easily become new Starbucks locations.
Execs at Starbucks insist that a Starbucks takeover of Tully's would be best for the Tully's family of employees, shareholders, and creditors. "Starbucks’ hometown has been in Seattle for more than 40 years, and we know what it takes to run a successful coffee house here," Tim Burrows, president of Starbucks in the U.S., said in a statement. Starbucks and AgriNurture also suggest that the only reason their (larger) bid for Tully's was turned down because of uncertainty with Green Mountain Roasters, which bought Tully's wholesale business and right to its name in 2009.
Of course, that's not discouraging Dempsey at all, who said in a statement that he was confident the court would rule in his favor. The Starbucks vs. Dempsey fight will go to the U.S. Bankruptcy Court in Seattle on Friday.