Strapped for cash and eager to renegotiate its real-estate leases, Seattle coffee-shop chain Tully's Coffee filed for bankruptcy protection Wednesday in the U.S. Bankruptcy Court for the Western District of Washington, The Seattle Times reported yesterday."We're at a point where we need to position Tully's for the future," said CEO Scott Pearson. "We need to be able to keep this company operating, and this is the best option for us." Although Tully’s is no longer burdened by the enormous debt that plagued it for years, it is low on cash. The company had $1.8 million in cash on Jan. 1, the most recent date for which information is available, down from $2.8 million a year earlier. The bankruptcy filing shows assets of $5.9 million and liabilities of $3.7 million. The company said it hopes to renegotiate terms on its real estate leases, including on cafes it is closing.
