The parent company that owns Tully’s Coffee Shops announced Wednesday the coffee chain has filed for Chapter 11 bankruptcy protection and plans to close a number of its underperforming locations in the Puget Sound region, including one store located at 1427 Pacific Ave. in downtown Tacoma, this weekend.

“After careful consideration, our board of directors and leadership team believe that restructuring under the protection of Chapter 11 is a necessary step and the right thing to do for the future of the company,” said Scott Pearson, president and CEO of TC Global, Inc., Tully’s parent company, in a statement released by the company.

In addition to the Tacoma location, stores in Wallingford, Columbia Tower, 4th Avenue and Union Street, and Madison Park in Seattle; Bella Bottega Shopping Center in Redmond; Bridle Trails Shopping Center in Kirkland; and Port Orchard and Hollywood Vineyards in Woodinville will close on Sunday. the closures and bankruptcy filing aim to lower operating expenses and restructure the company’s balance sheet by securing working capital.

More information regarding the bankruptcy filing is available online here and here and here.