Fast-Casual Cosi Emerges from Bankruptcy
Fast-casual franchisor Cosi, Inc., which once traded on the NASDAQ public exchange, announced yesterday that it has emerged from bankruptcy proceedings as a private company.
The Boston-based firm plunged into Chapter 11 reorganization through the District of Massachusetts (Eastern Division) U.S. bankruptcy court on April 25. The new restructured entity as of May 10 is now owned by Milfam II, L.P., AB Value Partners, LP, AB Value Management LLC and AB Opportunity Fund LLC.
"We have an energized team, a much stronger capital structure and a solid base of restaurants," declared Vicki Baue, the company's vice president. "A number of initiatives are underway, with a focus on delivering outstanding guest experiences and improving quality and execution," Ms. Baue went on to say. The firm fired its CEO in August of 2016 as it began to face the prospects of continuous losses and possibly bankruptcy. Its chief financial officer also resigned.
The company reports that it currently has 43 company-owned and 30 franchised restaurants.