DEERFIELD Ill. Cosi Inc., the parent of 152 namesake bakery-cafes, said late Thursday its board had formed a special committee of directors to review and evaluate strategic alternatives, which typically means a company is looking to sell or refinance.
Cosi said it has hired North Point Advisors LLC as its financial adviser and Cadwalader, Wickersham & Taft LLP as its legal counsel.
The bakery-cafe brand posted larger losses and slowed sales in its latest quarter ended in September. Cosi's stock price has closed below $1 each day this month. It closed at 40 cents per share on Thursday, down 11.1 percent from the day before.
Since January, Cosi’s share price has lost 82 percent of its value, and its 52-week high and low stock price-points have ranged between $3.24 per share and 32 cents per share. Cosi’s current market capitalization totals $16.3 million, and its enterprise value, which can equate to a theoretical buyout price, totals $12.2 million.
Earlier this month, Cosi announced that director Robert Merritt had been named chairman, succeeding William D. Forrest, who had held the post for five years.
