Dateline: Seattle, “The City That’s More Blue Collar Than You Think.” It seems the fine folk’um at Baristas Coffee Company Inc. (BCCI) have placed a bid to acquire poor, bedraggled Tully’s, once a titan amongst Starbucks impersonators, now having fallen on bad times. It’s a move that has a lot of people buzzing! “Baristas said Tuesday it will bid through a new entity, Baristas Acquisition Partners,” the Seattle Times reports, “that includes several current Tully’s shareholders and other investors. None of them were identified.”
Baristas currently owns a number of drive-up kiosks in the greater Seattle area. They plan to continue operating Tully’s shops under the Tully’s name. The Tully’s roasting/packaging business is not apart of the deal, which was sold to Green Mountain Coffee Roasters in 2009. More from the Seattle Times:
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.”
For the quarter ended June 30, Baristas reported total revenue of $357,000 and net income of $110,000. It had cash and equivalents of $16,000 and total assets of $865,000.
Baristas Coffee Company currently has a wildly popular Youtube channel and made waves earlier this year when they successfully trademarked the word “Baristas.” Stay tuned to Sprudge.com for more on the Tully’s buy-out; we’ll keep you abreast of the matter.
