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.