Cosi Files for Bankruptcy and Closes 29 Locations

A Boston-based, fast-casual restaurant chain known for its flatbread has filed for bankruptcy and closed down a number of its locations. Cosi Inc. will apparently be sold to a group of investors, according to The Boston Globe.

Cosi closed 29 of its 74 company-owned restaurants, including its location at 399 Boylston St. in Back Bay. The remaining restaurants, plus 31 franchise restaurants, will remain open as the company restructures, the Boston Business Journal reported. In past years, Cosi expanded and conducted some menu overhauls but ended up facing monetary losses and declining sales. Cosi fired its CEO in August, according to Forbes.

The restaurant first started in Paris and was later brought to the US and expanded. It went public in 2002, but its value has fallen below $1 per share.

• Cosi Files for Bankruptcy, Sets Sale [BG]
• Cosi Shares in Free Fall as Chain Files Chapter 11 Bankruptcy [BBJ]
• Ubiquitous Flatbread Sandwich Chain Cosi Files For Bankruptcy [Forbes]