Cosi, Inc. Files for Chapter 11 Bankruptcy Reorganization to Complete its Transformation to a Profit Maximizing Mix of In-store Dining and Catering Which Will Better Align it with Customer Dining Trends
BOSTON--(BUSINESS WIRE)--Feb 24, 2020--
Cosi, Inc., the fast casual restaurant company that was founded in 1998 and which operates in multiple states and abroad through both company and franchised locations, commenced a restructuring of its operations by closing thirty of its stores in December, 2019 and increasing its emphasis on catering, all to better align with current customer dining trends, further improve guest experiences and enhance its financial performance. 2020 has started well with increased sales in open in-store dining restaurants as well as the catering business. In order to complete its transformation, which involves the shedding of certain legacy costs, further business streamlining and, possibly, select location moves, Cosi has filed for reorganization under Chapter 11 of the Bankruptcy Code. Cosi expects to emerge from Chapter 11 as a stronger version of itself, with a greater focus on its burgeoning catering business. Cosi has retained a chief restructuring officer, Jason F. Fensterstock, to assist with the development and implementation of its business plan and the associated cost cutting and initiatives which are well underway and include the opening of several new locations in the first half of 2020.
About Così, Inc.
Cosi ( http://www.getcosi.com ) is an international fast-casual restaurant. Cosi is recognized for its signature flatbread made from a generations-old recipe and a part of many Cosi favorites. Così offerings include breakfast, lunch, dinner, snacks and other desserts and catering.
Menu items are made using fresh ingredients and distinctive sauces and spreads to create “craveable” dishes. The Cosi menu features made-to-order sandwiches, hand-tossed salads, melts, bowls, soups, bagels, breakfast sandwiches and other breakfast products, flatbread pizzas, snacks and desserts. Guests can also enjoy handcrafted beverages, coffee and coffee-based-based and a variety of other beverages. Cosi offers a diverse catering menu that includes the restaurant favorites and specialty offerings.
Così ® restaurants are located in urban and suburban settings, traditional and non-traditional locations, including retail spaces, office buildings, universities, hospitals, and more, and are designed to be welcoming and comfortable with an eclectic environment, based on the original Così® restaurant still operating in Paris, France. Così® partners create a welcoming environment where guests are invited to relax and enjoy great food.
“Così,” “(Sun & Moon Design)” and related marks are registered trademarks of Così, Inc. in the U.S.A. and certain other countries. Copyright © 2019 Così, Inc. All rights reserved.
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CONTACT: Vicki Baue
VP, General Counsel, and Chief Compliance Officer
(312) 310 – 1336
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: RETAIL RESTAURANT/BAR FOOD/BEVERAGE
SOURCE: Cosi, Inc.
Copyright Business Wire 2020.
PUB: 02/24/2020 04:36 PM/DISC: 02/24/2020 04:36 PM