Colorado Firm to Buy Struggling Tully’s Coffee Corp for $4.3 Million

Tully’s Coffee Corp. has announced that it is selling its chain of 47 coffee shops to a Colorado-based private equity firm, Kachi Partners, for $4.3 million dollars.

Tully’s, which filed for bankruptcy last month and closed numerous unprofitable cafes, currently operates 47 cafes in Washington and California. According to a recent bankruptcy filing, Kachi was one of 13 companies that showed interest in buying the struggling company, and the only one that made an offer to purchase all of Tully’s assets.

“With this agreement in place with Kachi, we believe the business is positioned to emerge from this process in early 2013 and that we will be a much stronger company as a result,” Tully’s CEO Scott Pearson said in a statement.

The sale is expected to be finalized Dec. 31, and Kachi plans to operate the coffee shops under the Tully’s name.