Originally published March 24, 2011 at 4:31 PM | Page modified March 25, 2011 at 6:17 AM
Comments (0)
E-mail article
Print
Share
Tully's Coffee loses CEO, running out of cash
Carl Pennington will retire March 31 as CEO of Tully's Coffee, the seventh chief to rotate through that post since Tully's founder Tom O'Keefe relinquished the title in 2001.
Seattle Times business reporter
Carl Pennington will retire March 31 as CEO of Tully's Coffee, the seventh chief to rotate through that post since Tully's founder Tom O'Keefe relinquished the title in 2001.
The news comes after TC Global, Tully's parent company, warned in a securities filing last fall that it could run out of cash by June.
O'Keefe retired last year as Tully's chairman, a post Pennington assumed and will keep until the next shareholders meeting, which the company said is expected later this spring.
The new CEO, effective April 1, is Scott Pearson, formerly an executive vice president at Advanced H2O, a bottled water company based on Mercer Island.
Tully's is a smaller company than it was in 2008, when Pennington took the CEO job after having been a Tully's franchisee in Idaho and an executive at the grocery chain Albertsons.
It has about 200 cafes but sold its roasting facility and wholesale business in 2009 to Green Mountain Coffee Roasters of Vermont and used part of the proceeds to pay off about $26 million in debt.
It has continued to struggle, losing $5.2 million in the fiscal year ended last March. The company burned through $8.4 million in cash during fiscal 2010, leaving $3.6 million at March 28, 2010.
Melissa Allison: 206-464-3312 or mallison@seattletimes.com
Open Houses
|
Find all open houses.
|
Dear Tom and Ray: My wife Olivia's first car (in the early '70s) was a purple-sparkle dune buggy built on a VW Bug frame — one of the least-safe...
Post a comment
- ‘Miracles’: 3 survive I-5 collapse
- Drivers face lengthy detours around I-5 bridge collapse
- Span wasn’t built to take critical hit
- Bridge collapse will cause holiday travel headaches
- Officials explore use of temporary, portable bridge as quick fix
- No quick fix for downed bridge on holiday weekend
- As car sinks, young man keeps cool, finds escape
- More applicants make getting into UW tougher this year
- Bridge collapse: Oversize-load permits easy to get online
- Percy Harvin already impressing Seahawks teammates, coaches
- Game thread, Mariners vs. Rangers, May 24 302
- Vote on gay Scouts comes at emotional moment 235
- Stunning I-5 bridge collapse 213
- Scouts’ vote on gays met with celebration, sadness 184
- Zimmerman lawyers release Trayvon Martin’s texts about smoking pot, guns 101
- Here's what's going on with Robert Andino 96
- Mariners options for rotation help getting thinner by the day 91
- Detour route already crowded; avoid it or leave early, officials say 82
- Some unions now angry about health care overhaul 58
- Bizarre day ends with Robert Andino DFA from Mariners 46
- ‘Miracles’: 3 survive I-5 collapse
- More applicants make getting into UW tougher this year
- Bridge collapse will cause holiday travel headaches
- Span wasn’t built to take critical hit
- Drivers face lengthy detours around I-5 bridge collapse
- McNerney: Boeing will squeeze suppliers and cut jobs
- Officials explore use of temporary, portable bridge as quick fix
- Shopping-mall kiosks are little gold mines
- Von’s goes for gusto with big food, cheap drinks | Restaurant review
- Kohl’s paying nearly $10M to lure Starbucks exec
News where, when and how you want it
All newsletters Privacy statement