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.
Nick Brown is the editor of Daily Coffee News by Roast Magazine. Feedback and story ideas are welcome at publisher (at) dailycoffeenews.com, or see the "About Us" page located at the bottom of this site for contact information.