Your Squagel Is Threatened: Cosi Declares Bankruptcy
The Cosi restaurant chain has filed for bankruptcy and according to USA Today, 29 of the 74 company owned stores have closed. In Philadelphia that means that the stores at 12th and Walnut and 15th and Locust are closed. 17th and Market and 140 South 36th Street are confirmed open. Calls to 4th and Chestnut and 30th Street Station were not answered. Stores that are franchised (there are 31 of those) have not been affected by the closures.
The Boston-based company is publicly traded and has lost 95% of its stock value over the last year. This afternoon the stock is trading at 5¢.
The closures do free up some prime real estate in Center City. So prime, we’d anticipate more national chains racing to fill them.