Tully's

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.

Flickr photo courtesy dontthink.feel

Tully's Coffee has lost yet another CEO. Seattle's second biggest coffee enterprise has announced that Carl Pennington will retire at the end of this month. 

According to the Seattle Times, he is the seventh CEO to cycle through the company since founder Tom O'Keefe stepped down from the post a decade ago.