Bridle Trails Tully's to close in Kirkland Sunday as company files for bankruptcy protection
By CARRIE RODRIGUEZ
Kirkland Reporter Editor
October 11, 2012 · Updated 2:45 PM
Tully’s Coffee announced Wednesday it will close its Kirkland Bridle Trails Shopping Center coffee shop this Sunday, along with several other underperforming Puget Sound stores in the chain.
The company, which filed for bankruptcy protection Wednesday in U.S. Bankruptcy Court in Seattle, plans to shutter nine locations this weekend. The chain also closed eight other stores recently.
The decision is part of the chain’s goal of moving the company towards a more profitable future, Tully’s officials said.
“After careful consideration, our Board of Directors and Leadership Team believe that restructuring under the protection of Chapter 11 is a necessary step and the right thing to do for the future of the company,” said Scott Pearson, president and CEO of TC Global, Inc. in a press release.
The statement also says: “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 statement also says the filing will allow Tully’s to lower operating expenses by relieving legacy costs, and by restructuring “the balance sheet by securing working capital.”
The Bridle Trails Shopping Center, located at 13102 N.E. 70th Place, has been there since 1998. Employees were notified of the decision on Wednesday, prior to the bankruptcy protection filing, a spokesperson confirmed.
The other Kirkland store, located at 104 Lake St. South, No. 100, will remain open.
Tully’s closed stores in California, Idaho and three in the Seattle area recently. On Sunday, the following stores will close: Wallingford, Columbia Tower, 4th Avenue and Union Street, Madison Park, Bella Bottega Shopping Center in Redmond, Bridle Trails Shopping Center in Kirkland, TRC in Tacoma, Port Orchard and Hollywood Vineyards in Woodinville.
“The company will continue to have a formidable presence in the Puget Sound area,” Pearson said in the press release, “focusing on our core mission of serving the highest quality coffee in a warm and comfortable environment with outstanding customer service.”
To learn more visit www.omnimgt.com/TullysCoffee or call (866) 989-3039.
Contact Kirkland Reporter Editor Carrie Rodriguez at firstname.lastname@example.org or 1-425-822-9166 (ext 5050).