Cosi CEO resigns, administrative workforce cut
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The restaurant operator, Deerfield-based Cosi. says its president and CEO Carin Stutz has resigned and appointed Executive Chairman Stephen Edwards as her successor.
Cosi also announced late Tuesday that it is cutting its administrative workforce, which will result in annual savings of about $1 million. Cosi did not specify how many jobs are being eliminated.
The company has posted quarterly losses for several quarters and struggled amid changing consumer tastes. It has 74 company-owned and 50 franchise restaurants in 16 states, the District of Columbia and the United Arab Emirates.
The 56-year-old Stutz had served as president and CEO since January 2012. The company said she was leaving to pursue other opportunities. She is also leaving the company's board of directors.
Cosi Inc. said that the 50-year-old Edwards will be helping the Deerfield, Ill.-based company reduce its costs and look for refranchising opportunities with new and existing franchisees. He will also continue with efforts to close underperforming locations.
Cosi shares finished at $2.36 on Tuesday. They have traded in a 52-week range of $1.90 to $3.92.
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