Business & Tech
Memos Show Power Struggle at Cosi
The Deerfield-based chain is facing challenges in the wake of falling stock prices.
The interim CEO of Deerfield-based sandwich chain said the company’s board of directors does not plan on giving up control after last week’s no-confidence vote, the Chicago Tribune reports.
The newspaper reports that Mark Demilio sent a memo to franchisees and investors last week saying that investor Brad Blum is attempting to take control of the company without paying stockholders for their shares.
Blum has led the and Macaroni Grill franchises and owns 7 percent of Cosi’s shares, according to the Tribune. He offered to replace Cosi’s CEO James Hyatt after he resigned in August. The chain’s stock has been trading at less than $1 since July.
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