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Cosi Inc., announced today that it has filed for bankruptcy, closed 40 percent of company-owned restaurants and is up for sale. The move comes just one month after Cosi terminated CEO R.J. Dourney, following the company&#8217;s statement that it would not generate positive cash flow in the third quarter as it had anticipated. Cosi has recorded operating losses of $15.5 million, $15.8 million and $11.5 million in the past three years, respectively. The constant losses have forced the company to change CEOs, explore sales processes and undertake complex stock transactions just to stay afloat. &#8220;This was a difficult step, but it was necessary to address our liquidity issues,&#8221; Patrick Bennett, interim CEO of Cosi, said in a statement. &#8220;We believe this process will allow the company to right-size its balance sheet, reduce its debt, and focus on improving the business and stabilizing the brand.&#8221; <a href="http://www.usatoday.com/story/money/2016/09/28/cosi-restaurant-chain-chapter-11-bankruptcy/91226492/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=usa-today-cosi-restaurant-files-for-bankuptcy-protection-5996" target="_blank" rel="nofollow" target="_blank">Click here to read the full article.</a>

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The company, known for its homemade flat bread, has assets of $31.24 million and debt of about $20 million, according to a court filing.

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