Tully's Coffee is abandoning its bid to go public, citing unfavorable stock market conditions. The privately-held, Seattle-based chain said...
Tully’s Coffee is abandoning its bid to go public, citing unfavorable stock market conditions.
The privately-held, Seattle-based chain said today that it’s withdrawing preliminary paperwork it filed with the Securities and Exchange Commission and will consider other options, including mergers, acquisitions or raising private capital to expand the business.
Tully’s had indefinitely postponed the public offering in August.
Tully’s has about 140 stores in five states and has struggled to turn a profit during its 15 years in business. It posted a net loss of $3.3 million for its second fiscal quarter, which ended Sept. 30 — deeper than its $2.3 million loss in the same period the previous year.
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