Baristas Coffee Co., Inc. (BCCI) has filed an offer to purchase all of the assets of TC Global, Inc. DBA Tully's. A new company, Baristas Acquisition Partners, Inc., has been formed to complete the offer which, if accepted by the bankruptcy court, will become a wholly owned subsidiary of BCCI and is backed by current Tully's shareholders and other investors. The bankruptcy court has set Jan. 11, 2013 as the hearing date for approval of the sale of Tully's assets. The BAPI proposal would continue to maintain and operate the Tully's locations with the existing employees under the Tully Coffee brand.
Barry Henthorn, CEO of Baristas, said in a prepared statement, "We are overwhelmed with the support we have received both emotionally and financially from existing shareholders of Tully's and many other members of the community. Our offer is the only one that allows any ongoing benefit to the approximately 6000 shareholders and does so while maximizing the returns to the other creditors. By combining management and supply chain resources it is expected 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. This acquisition will also allow further distribution of other Baristas products, such as our new Ice Cream line and other products under development."