Tully's Coffee

Ronald Tan

If all goes according to plan, Tully’s will have a new celebrity owner come Monday. That’s when actor Patrick Dempsey’s investment group is set to complete its purchase of the struggling coffee chain out of bankruptcy. 

Andrew Buckingham

The Seattle-based coffee chain Tully’s says it’s going to reorganize under chapter 11 bankruptcy. Tully’s has long struggled to find a profitable niche amid fierce competition from its hometown rival Starbucks. A string of CEOs tried and failed to turn the company around.

Scott Pearson has been at the helm for a year and a half. He says expensive leases signed in the boom years have weighed the company down. Competition has also hurt.