News

Cosi loses CEO

June 13, 2013

Carin Stutz has officially resigned as Cosi Inc.'s chief executive; Stephen Edwards, chairman of the board will take her place, according to a company statement. Edwards has been chairman since 2011, and before that served as senior managing director of Atticus Capital, a private investment partnership.

Stutz, 56, served as president of global business development for Brinker International, overseeing expansion of the Chili's and Maggiano's brands, before taking over in 2011 at Cosi.

Cosi has posted only one profitable quarter since its 2002 initial public offering and has struggled to drive traffic to its stores, according to the Chicago Tribune.

"The company failed to meet growth targets, and sales and profits have continued to decline as fast casual competitors like Panera and Jimmy Johns have blasted by," according to the story.

For the quarter ended April 1, Cosi reported a net loss of $2.7 million. Sales declined $3.1 million, for which the company cited six restaurant closures.

Cosi has 124 restaurants in 16 states, the District of Columbia and the United Arab Emirates.

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