Jiffy Lube franchise files for Chapter 11 Bankruptcy
KENNEWICK, Wash. - Tri-Cities Fast Lubes is a franchise that operates 16 different Jiffy Lube centers in the Northwest. That includes stores in Pasco, Richland, Kennewick and Walla Walla. And now the franchise has announced they are voluntarily filing for Chapter 11 bankruptcy.
The company says they blame the financial market and downturn in the economy for the filing and the goal is to re-organize it's debt. Owners for the franchise say the Chapter 11 filing will not affect the customers. "The store operations in Washington are doing well and we anticipate keeping all the locations open and doing business as usual," said Sean Porther, of Tri-Cities Fast Lubes.
Porther says the company's next step is to work with their debt holders and negotiate with landlords and other business suppliers. They hope to move through the Chapter 11 process as quickly as possible.