Così, Inc : Così, Inc. Announces Leadership Transition
CONTACT:William E. Koziel
Chief Financial Officer
Così, Inc. Announces Leadership Transition
DEERFIELD, IL - June 11, 2013 - Così, Inc. (NASDAQ: COSI), the fast casual
restaurant company, today announced that its Board of Directors has appointed
Executive Chairman of the Board Stephen Edwards, 50, as Chief Executive
Officer and President of the Company following the resignation of Carin Stutz,
56. Stutz has resigned as Chief Executive Officer and President of the
Company and as a member of the Board of Directors, effective immediately, to
pursue other opportunities.
"On behalf of the Board, I would like to thank Carin for her service to Così,"
said Edwards. "We wish Carin well in her future endeavors."
In appointing the new CEO, the Board of Directors emphasized that the
Company's first priority must be to shrink its cost structure, limit its need
for capital investment and become a profitable business. At the same time,
Così must adopt a strategy for rejuvenation and growth. To that end, Edwards
will lead Così's efforts to evaluate its existing portfolio of restaurants to
identify refranchising opportunities with new and existing franchisees as part
of its overall effort to accelerate franchise growth. "Our franchise partners
have proven that they can operate successful restaurants under our brand,"
stated Edwards. "Our focus will be to give these partners and other
entrepreneurs like them the tools they need to grow the Così system." Edwards
will also lead the initiative already underway to exit a number of
underperforming locations. Finally, as part of the restructuring effort, Così
implemented reductions in its administrative workforce today that will result
in an annual savings of approximately $1.0 million.
"Così is a great brand," said Edwards. "Our mission is to create a business
model that builds on the strength of our brand while generating profits for
our shareholders. And to do so quickly."
About Così, Inc.
Così^® (http://www.getcosi.com) is a national fast casual 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. Così's warm and urbane
atmosphere is geared towards its sophisticated, upscale, urban and suburban
guests. There are currently 74 Company-owned and 50 franchise restaurants
operating in sixteen states, the District of Columbia and the United Arab
Emirates. The Così^® vision is to become America's favorite fast casual
restaurant by providing customers authentic, innovative, savory hand-crafted
food while remaining an affordable luxury.
The Così^® menu features Così^® sandwiches, freshly-tossed salads, breakfast
wraps, melts, soups, Così^® Squagels^®, flatbread pizzas, S'mores, snacks and
other desserts, and a wide range of coffee and coffee-based drinks and other
specialty beverages. Così^® restaurants are designed to be welcoming and
comfortable with an eclectic environment. Così's sights, sounds, and spaces
create a tasteful, relaxed ambience that provides a fresh and new dining
"Così," "(Sun & Moon Design)" and related marks are registered trademarks of
Così, Inc. in the U.S.A. and certain other countries. Copyright © 2013 Così,
Inc. All rights reserved.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. This press release contains statements that constitute forward- looking
statements under the federal securities laws. Forward-looking statements are
statements about future events and expectations and not statements of
historical fact. The words "believe," "may," "will," "should," "anticipate,"
"estimate," "expect," "intend," "objective," "seek," "plan," "strive," or
similar words, or negatives of these words, identify forward- looking
statements. We qualify any forward-looking statements entirely by these
cautionary factors. Forward-looking statements are based on management's
beliefs, assumptions and expectations of our future economic performance,
taking into account the information currently available to management.
Forward-looking statements involve risks and uncertainties that may cause our
actual results, performance or financial condition to differ materially from
the expectations of future results, performance or financial condition we
express or imply in any forward-looking statements. Factors that could
contribute to these differences include, but are not limited to: the cost of
our principal food products and supply and delivery shortages and
interruptions; labor shortages or increased labor costs; changes in
demographic trends and consumer tastes and preferences, including changes
resulting from concerns over nutritional or safety aspects of beef, poultry,
produce, or other foods or the effects of food-borne illnesses, such as E.
coli, "mad cow disease" and avian influenza or "bird flu"; competition in our
markets, both in our business and in locating suitable restaurant sites; our
operation and execution in new and existing markets; expansion into new
markets including foreign markets; our ability to attract and retain qualified
franchisees and our franchisees' ability to open restaurants on a timely
basis; our ability to locate suitable restaurant sites in new and existing
markets and negotiate acceptable lease terms; the rate of our internal growth
and our ability to generate increased revenue from our existing restaurants;
our ability to generate positive cash flow from existing and new restaurants;
fluctuations in our quarterly results due to seasonality; increased government
regulation and our ability to secure required government approvals and
permits; our ability to create customer awareness of our restaurants in new
markets; the reliability of our customer and market studies; cost effective
and timely planning, design and build out of restaurants; our ability to
recruit, train and retain qualified corporate and restaurant personnel and
management; market saturation due to new restaurant openings; inadequate
protection of our intellectual property; our ability to obtain additional
capital and financing; adverse weather conditions which impact customer
traffic at our restaurants; and adverse economic conditions. Further
information regarding factors that could affect our results and the statements
made herein are included in our filings with the Securities and Exchange
Additional information is available on Così's website at
http://www.getcosi.com in the investor relations section.
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Così, Inc via Thomson Reuters ONE
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