Cosi said it is closing more than 10 percent of its sandwich-and-salad restaurants and cutting headquarters staff to reduce overhead expenses as part of an ongoing turnaround struggle.
One store was shuttered on Jan. 2, three more have been earmarked for closure, and negotiations are underway to terminate the leases for six more units, the company said in an SEC filing Wednesday. It left open the possibility of closing more stores while “evaluating other options for the remaining restaurants in the bottom 25 percent.”
The elimination of 11 corporate positions is consistent with the company’s efforts to cultivate a more entrepreneurial and innovative headquarters culture, the filing noted.
Simultaneously, Cosi disclosed that comparable store sales for the fourth quarter of 2015 were flat.
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