Cosi Inc. (Nasdaq: COSI), a quick-casual sandwich shop operator, has completed a review of strategic alternatives and has decided to remain independent.
Cosi, Inc. (NASDAQ: COSI: 0.34, 0, 0%), the premium convenience restaurant company, announced today that its Board of Directors has completed the review of strategic alternatives previously announced. After receiving and reviewing several proposals with respect to either a financing or acquisition transaction, and after an extensive review of the Company’s current and projected financial performance, the Board determined that pursuit of the Company’s current business plan as an independent public company is the strategic alternative that offers the best opportunity to maximize shareholder value. Therefore, the Company is terminating all discussions regarding a potential transaction and disbanding the special committee previously formed to explore strategic alternatives.
About Cosi, Inc.
Cosi (http://www.getcosi.com) is a national premium convenience restaurant chain that has developed featured foods built around a secret, generations-old recipe for crackly crust flatbread. This artisan bread is freshly baked in front of customers throughout the day in open flame stone hearth ovens prominently located in each of the restaurants. Cosi’s warm and urbane atmosphere is geared towards its sophisticated, upscale, urban and suburban guests. There are currently 97 Company-owned and 48 franchise restaurants operating in eighteen states, the District of Columbia and the United Arab Emirates. The Cosi vision is to become America’s favorite premium convenience restaurant by providing customers authentic, innovative, savory food while remaining an affordable luxury.
The Cosi menu features Cosi sandwiches, freshly tossed salads, melts, soups, Cosi bagels, flatbread pizzas, S’mores, snacks and other desserts, and a wide range of coffee and coffee-based drinks and other specialty beverages. Cosi restaurants are designed to be welcoming and comfortable with an eclectic environment. Cosi’s sights, sounds, and spaces create a tasteful, relaxed ambience that provides a fresh and new dining experience.