Così (restaurant) explained

Così
Industry:Fast casual restaurant
Founded:New York City, United States
Founder:Drew Harre
Hq Location City:Mountainside, New Jersey
Hq Location Country:United States
Num Locations:20
Num Locations Year:November 2020
Area Served:New York
Washington D.C.
Virginia
Pennsylvania
Massachusetts
Connecticut
Illinois
Indiana
Ohio

Così, based in Boston, Massachusetts, is an American fast-casual restaurant chain that is known for its homemade flatbread. The name comes from the opera Così fan tutte, which was a favorite of the original owner.[1] As of November 2020, the company operated 20 locations in New York, Washington D.C., Virginia, Pennsylvania, Massachusetts, Connecticut, Illinois, Indiana, and Ohio, down from 66 at the beginning of the year. The chain filed for Chapter 11 bankruptcy in February 2020.

History

The original Così restaurant was opened in 1989 by Drew Harre in Paris, France.[2] In 1996, Shep and Jay Wainwright opened the first Così in the United States, in New York.[2]

In October 1999, Così merged with Xando (formerly ZuZu).[3]

The company became a public company via an initial public offering in 2002.[4] [5] A year later, Kevin Armstrong was named chief executive officer of the company.[6]

In June 2010, Così sold its District of Columbia stores to Capitol C Restaurants as franchises.[7] Capitol C is the owner of Qdoba Mexican Grill.

In March 2014, Così's largest and most successful franchisee, RJ Dourney was voted by Così's board of directors to the position of CEO and Director and Così announced it was moving its corporate headquarters from Deerfield, Illinois to Boston, Massachusetts.[8] [9] However, in August 2016, CEO RJ Dourney was fired.[10] [11] That same year, the company filed for Chapter 11 Bankruptcy reorganization and closed stores.[12] [13] As a result of the bankruptcy filing, the company's shares were de-listed from the NASDAQ.[14] Cosi also sought buyers for "substantially all of its assets."[15]

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.[16] However, on February 25, 2020, Così once again filed for Chapter 11 bankruptcy after closing several locations.[17] However, the company then withdrew its filing and instead sought pandemic aid from the government.[18] Then, after surviving the pandemic, on July 1, 2022, Cosi reopened its bankruptcy.[19]

Further reading

Notes and References

  1. Web site: Frequently Asked Questions . Così . 2018-12-13 . 2017-09-20 . https://web.archive.org/web/20170920081416/http://ir.getcosi.com/phoenix.zhtml?c=131610&p=irol-faq . dead .
  2. Web site: Cosi: Where We Began.
  3. News: Xando gets Cosi: Merger leads to new look . Eleni . Chamis . . November 22, 1999.
  4. News: Cosi IPO draws shareholder suits . STEVE . GELSI . . February 24, 2003.
  5. News: Cosi Restaurant Chain Mixes Ingredients Ahead of Its IPO . Hennessey . Raymond . . November 17, 2002.
  6. Cosi, Inc. announces new CEO . . July 8, 2003.
  7. Web site: Così sells 13 Washington, D.C., restaurants for $8.4M . Fastcasual.com . April 27, 2010.
  8. News: Rookie CEOs Face a Steep Learning Curve . Lublin . Joann S. . . June 24, 2014 . subscription .
  9. Web site: Cosi moving from Deerfield to Boston . . 16 April 2014 . Wohl . Jessica . 10 October 2018 . https://web.archive.org/web/20170815183643/http://articles.chicagotribune.com/2014-04-16/business/chi-cosi-moving-from-deerfield-to-boston-20140416_1_deerfield-headquarters-boston-market . 15 August 2017 . dead .
  10. Cosi, Inc. Announces Leadership Changes . . August 22, 2016.
  11. News: Cosi fires CEO as struggles persist at fast-casual chain . David L. . Harris . . August 22, 2016.
  12. News: Così files for bankruptcy . Jonathan . Maze . Nation's Restaurant News . 28 September 2016.
  13. Cosi Restaurant Chain Files for Chapter 11 Bankruptcy . . . September 28, 2016.
  14. News: Cosi will soon be delisted from the Nasdaq Stock Market . Catherine . Carlock . . October 7, 2016.
  15. Web site: After bankruptcy and delisting, Cosi offers all assets for sale . . October 11, 2016 . Carlock . Catherine.
  16. Cosi, Inc. Emerges From Chapter 11 Bankruptcy . . May 11, 2017.
  17. News: COSI FILES FOR BANKRUPTCY PROTECTION, HAS CLOSED 30 UNITS . Heather . Lalley . Restaurant Business . 25 February 2020.
  18. Web site: Cosi seeks bankruptcy fast track to access COVID relief funds. 2022-12-12. 2021-05-03.
  19. Web site: Cosi seeks to reopen bankruptcy after surviving pandemic. 2022-12-12. 2022-07-01.

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