Investment Group Purchases Cosi Restaurant Chain
A troubled Boston-based group of dining spots has been bought by an investment group.
According to an article in The Boston Herald, LIMAB LLC was picked as the winning bidder for Cosi in what is called a "stalking horse" bid (an initial bid that is not matched by any other subsequent bidders), with the price being $6.8 million. The post says that the bid from LIMAB, which is made up of AB Opportunity Fund LLC, AB Value Partners LP and entities connected to Milfam LLC, still needs court approval, and it is not yet known what might happen to the remaining locations of the chain.
Cosi has gone through a rough stretch of late, declaring Chapter 11 bankruptcy and subsequently having its common stock delisted from The Nasdaq Stock Market. Several locations have shut down, including outlets in Boston's Back Bay, State Street in the Financial District, South Station, and in Cambridge's Kendall Square.
Cosi Seeks to Sell Its Assets in What Could Be an Auction
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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]