Bankruptcy

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.

Michael Pick / Flickr

The Seattle coffee chain Tully's Coffee, sometimes lost in the shadow of the much more successful Starbucks, has filed for bankruptcy protection and hopes to renegotiate its real estate debt, report several news sources.

The Seattle Times says the company is no longer burdened by huge debt but it is cash poor and will likely close more stores.

Ryan Dickey / Flickr

Our high school teachers always said that a college education was a sure fire way to ensure financial stability down the road but now there’s mounting evidence that no one is immune to financial disaster.

A new study found college graduates are the fastest growing group of consumers filing for bankruptcy in the nation.  And Washington State is no exception.

Tom Banse / Northwest News Network

One of the best-known Northwest brands is closer to getting out of bankruptcy. A federal judge has given a tentative okay to the recovery plan for Oregon gourmet food and gift retailer Harry & David.

Tom Banse / Northwest News Network

Gourmet food company Harry & David hopes to make a quick trip through bankruptcy reorganization. The legendary Northwest retailer filed a “pre-arranged restructuring” plan with a Delaware court.

The struggling retailer will use the bankruptcy process to shed its heavy debt load and repair its balance sheet. The century-old Medford, Oregon icon filed papers saying the majority of its bond holders have agreed to swap their debt for equity in a restructured company.

Tom Banse / N3

One of the best known Northwest brands is on the verge of bond default or bankruptcy according to financial analysts. Gourmet food retailer Harry & David is one of the biggest employers in southern Oregon. It also has a network of anxious suppliers around the region.