Thursday, September 29, 2016

Cosi shares in free fall as chain files Chapter 11 bankruptcy

Cosi said it has filed Chapter 11 bankruptcy restructuring.Cosi Inc., a Boston-based fast-casual restaurant chain that has been plagued with declining sales and a sagging share price, announced Wednesday it has filed Chapter 11 bankruptcy restructuring.

The company said it's initiating a sale of its assets to lenders AB Opportunity Fund LLC, AB Value Partners, JP and entities affiliated with Milfam II LP. Cosi said it has obtained $4 million in debtor-in-possession financing to maintain operations through the Chapter 11 bankruptcy process.. . . more

No comments: