Così, based in Mountainside, New Jersey, is an American fast-casual restaurant chain that specializes in flatbread sandwiches. The company name comes from the opera Così fan tutte, which was a favorite of the original owner.[1]
There are 14 Cosi restaurant locations, primarily in the Northeastern United States.
History
The first Così restaurant was opened in 1989 by Drew Harre in Paris.[1] In 1996, Shep and Jay Wainwright opened the first Così in the United States, in New York.
In October 1999, Così merged with Xando (formerly ZuZu).[2]
The company became a public company via an initial public offering in 2002.[3][4]
In July 2003, Kevin Armstrong was named CEO of the company.[5]
In June 2010, Così sold its 13 stores in Washington, D.C. to Capitol C Restaurants, owner of Qdoba Mexican Grill, as franchises, for $8.4 million.[6]
In December 2011, Carin Stutz was named CEO of the company.[7] In June 2013, she resigned.[8]
In March 2014, Così's largest franchisee, RJ Dourney, was named CEO and the company announced it was moving its corporate headquarters from Deerfield, Illinois to Boston, Massachusetts.[9][10][11]
In January 2015, RJ Dourney merged his 14 franchised Cosi restaurants into the company in exchange for shares of the company.[12]
In August 2016, CEO RJ Dourney was fired and Patrick Bennett became interim CEO.[13][14]
In September 2016, the company filed for bankruptcy protection under Chapter 11, Title 11, United States Code and closed stores.[15][16][17] As a result of the bankruptcy filing, the company's shares were de-listed from the NASDAQ.[18][19]
In May 2017, the company emerged from bankruptcy under the ownership of MILFAM II L.P., AB Value Partners, LP, AB Value Management LLC and AB Opportunity Fund LLC.[20]
In February 2020, Così once again filed for Chapter 11 bankruptcy and closed several locations.[21]
However, the company withdrew its filing to make it eligible for aid under the CARES Act, passed in March 2020.[22]
In July 2022, Cosi sought to reopen its bankruptcy.[23]
External links
References
- COLMAN ANDREWS. Looking Beyond the Stars in France Los Angeles Times, September 24, 1989^
- Eleni Chamis. Xando gets Cosi: Merger leads to new look American City Business Journals, November 22, 1999^
- STEVE GELSI. Cosi IPO draws shareholder suits MarketWatch, February 24, 2003^
- Raymond Hennessey. Cosi Restaurant Chain Mixes Ingredients Ahead of Its IPO The Wall Street Journal, November 17, 2002^
- Cosi Names New Chief Executive The Wall Street Journal, July 15, 2003^
- Così sells 13 Washington, D.C., restaurants for $8.4M Fastcasual.com, April 27, 2010^
- Ron Ruggless. Così names Carin Stutz chief executive Nation's Restaurant News, December 13, 2011^
- Emily Bryson York. Cosi looks to new leader, fewer stores Chicago Tribune, June 13, 2013^
- Joann S. Lublin. Rookie CEOs Face a Steep Learning Curve The Wall Street Journal, June 24, 2014^
- Jessica Wohl. Cosi moving from Deerfield to Boston Chicago Tribune, April 16, 2014^
- Jon Chesto. Moving to Boston is Così's recipe for success The Boston Globe, March 18, 2015^
- Richard Morgan. Restaurant chain Cosi cooks up 28% jump in stock price New York Post, January 8, 2015^
- Cosi, Inc. Announces Leadership Changes GlobeNewswire, August 22, 2016^
- David L. Harris. Cosi fires CEO as struggles persist at fast-casual chain American City Business Journals, August 22, 2016^
- Jonathan Maze. Così files for bankruptcy Nation's Restaurant News, September 28, 2016^
- Cosi Restaurant Chain Files for Chapter 11 Bankruptcy Fortune, September 28, 2016^
- Lillian Rizzo, Patrick Fitzgerald. Restaurant Chain Cosi Inc. Files for Chapter 11 The Wall Street Journal, September 28, 2016^
- Catherine Carlock. Cosi will soon be delisted from the Nasdaq Stock Market American City Business Journals, October 7, 2016^
- Catherine Carlock. After bankruptcy and delisting, Cosi offers all assets for sale American City Business Journals, October 11, 2016^
- Cosi, Inc. Emerges From Chapter 11 Bankruptcy GlobeNewswire, May 11, 2017^
- Bret Thorn. Cosi files for Chapter 11 bankruptcy protection as it transitions from a restaurant company to a catering business Nation's Restaurant News, February 25, 2020^
- Leslie A. Pappas. Cosi Gets Bankruptcy Case Dismissed to Apply for Covid Relief Bloomberg Law, May 11, 2021^
- Daniel Gill. Cosi seeks to reopen bankruptcy after surviving pandemic Bloomberg Law, July 1, 2022^