Hoquiam Tully’s locations not closing as part of bankruptcy filing
Yesterday, Tully’s Coffee announced they have filed for Chapter 11 bankruptcy and have already ordered for immediate closure of some corporate stores. In a release, they say “The filing coincides with a plan to close a number of our underperforming locations and to keep operating those that make financial sense for the future of our business. “
The company says that it has multiple objectives for this reorganization under Chapter 11, including the elimination of challenges preventing the company from being profitable. The company anticipates emerging from Chapter 11 sometime in 2013.
The company has over 50 corporate and 70 franchise or licensee stores. Locally, both Hoquiam locations are franchise stores and are not affected by the closures. Long term effects of the bankruptcy on the locations are not known.
The filing does not impact the wholesale and online Tully’s Coffee business, which were purchased by Green Mountain Coffee Roasters in 2009.