Così Inc. has hired a turnaround firm that will also act as interim CFO, the company said Wednesday, as the perpetually struggling operator works to recover from years of financial losses.
James O’Connor, president of The O’Connor Group Inc., and Edward Schatz, senior managing director of the firm, will serve as “interim co-chief financial officers” following the resignation of CFO Miguel Rossy-Donovan, who is taking a position at another company.
The O’Connor Group will advise the 104-unit chain on “financial and strategic matters.” The firm, based in Bedford, Mass., specializes in corporate turnarounds.
The hiring of The O’Connor Group comes three weeks after Così fired CEO R.J. Dourney, and Rossy-Donovan announced his resignation. Patrick Bennett, a member of the Così board, will serve as interim CEO under a consulting fee of $15,000 a month.
The shakeup at the Boston-based fast-casual operator came just weeks after the company reported disappointing second-quarter results, including a 7-percent decline in revenue and a 4.5-percent decline in same-store sales. The company reported a net loss of $3.1 million.
Così stock has lost nearly 80 percent of its value since March, and is currently trading at 19 cents per share.