Baristas Coffee Company, Inc. (BCCI)

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Originally published December 11, 2012 at 11:24 AM | Page modified December 12, 2012 at 1:16 PM

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Baristas Coffee plans to bid for Tully’s

A competing bid for bankrupt Tully’s was announced by Baristas Coffee, which runs coffee drive-thrus with “attractive female baristas in entertaining costumes.”

Seattle Times business staff
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Archive | Struggling Tully's new plan: Bankruptcy protection

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Next they'll merge with Deja Vu and complete the circle. (December 11, 2012, by snarky snarkerson) MORE
Go Big or Go home! OO (December 11, 2012, by something newer) MORE
Actually, the Baristas drive-thrus does a really good job on the coffee orders (December 11, 2012, by konacoffee) MORE
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Baristas Coffee, which owns six Seattle-area coffee drive-thrus staffed by “attractive female baristas in entertaining costumes,” said Tuesday it hopes to buy Tully’s Coffee when the long-struggling chain is sold in a bankruptcy auction scheduled for Jan. 3.

Baristas’ announcement didn’t give financial details of its proposal for acquiring Tully’s retail business, which includes 47 company-owned stores in Washington and California.

But in court papers filed last week, Baristas sketched out a proposal to pay about $1.5 million in cash, take on about $2.8 million in existing liabilities, and issue $6 million in unspecified “negotiable securities” to unsecured creditors and shareholders of Tully’s.

Its offer must compete with the only confirmed bidder, a Colorado private equity firm that offered to pay $1.5 million in cash and assume about $3 million in existing liabilities.

Baristas said Tuesday it will bid through a new entity, Baristas Acquisition Partners, that includes several current Tully’s shareholders and other investors. None of them were identified.

James Day, an attorney for Tully’s, questioned at a bankruptcy-court hearing Friday whether Baristas could make a viable offer. He said the financial statement of Baristas, which trades publicly over the counter, “doesn’t look really strong.”