This chain of sandwich bankruptcy is about to disappear
His survival hinge on access to federal aid.
The casual chain based Boston-based, best known for soups, sandwiches and pizzas weigh flat, trying to accelerate bankruptcy proceedings, because a faster resolution would allow the company to access the Federal aid allocated to restaurants. If the COSI gaining access to these funds mean the difference between bankruptcy bankruptcy reorganized or having to turn off completely.
The struggling chainRanked for protection against bankruptcy Chapter 11 In February 2020 a second bankruptcy filing since 2016. At the time, the brand has rekindled a footprint of 13 restaurants company-owned and 16 franchised locations and three catering kitchens. According to their website, there are currently 27 sites with varying degrees of services - some offer restoration only while others are open for meals on site and off. At the height of its growth in 2008, had COSIMore than 150 restaurants.
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With a footprint of decreasing restaurant chain revealed in court documents that he had planned toFocusing on food services Post-bankruptcy. However, if the company has not given the opportunity to apply for federal funds soon, he will go ahead with the liquidation on aRequest for Expedited Hearing that the company filed last month.
"Debtors" only realistic hope of bankruptcy and avoid conversion and liquidation hinge can apply for a grant for restaurants Renewal Fund "COSI wrote in its filing, as indicated byRestaurant Business.
The company plans to seek a grant of 10 million, available to restaurants in several places. Nominations for restaurants Revitalization Fund grants, which are part of the emergency plan Covid-19 of 1.9 billion Biden are currently accepted. But industry experts fear that the fund could be exhausted in cash before many restaurants are not even applied, which puts a new emergency weight on the bankruptcy case of Cosi.
For more information on bankruptcies, checkAnother popular regional burger chain has just filed a bankruptcyAnd do not forget toSubscribe to our newsletterTo get the latest news from the restaurant delivered directly to your inbox.
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