Cosi Files for Chapter 11 Bankruptcy
Earlier this week, we reported that a Boston-based chain of dining spots had closed one of its shops within the city. Now we have learned that the chain has declared bankruptcy.
According to a press release from the company, Cosi announced today that it has filed for Chapter 11 bankruptcy protection, with the chain closing 29 of its 74 company-owned locations prior to the filing. (The 31 franchised locations remain in operation, as they are unaffected by the bankruptcy.) The chain is now looking at a "fast-track process" in which it will emerge from bankruptcy under new ownership while reducing its debt and stabilizing the company. News of Cosi's bankruptcy has hit the stock hard, with a recent check showing that it is trading between five and six cents, which is a drop of more than 65% from yesterday. (Cosi was already facing a possible delisting from the Nasdaq Stock Market because its common stock has been below $1.00 for a number of months.)
On Monday, we had mentioned that the Boylston Street location of Cosi in Boston's Back Bay had shut down, though it is unknown at this time if any other locations in Boston or Cambridge have also closed; as soon as we get more information, we will post an update here.
The website for Cosi can be found at https://getcosi.com/
Cosi in Boston's Back Bay Has Closed
Cosi Faces Possible Stock Delisting
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[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]