Cosi, Inc. announced it has created a new management position, vice president of franchise sales, to support the company’s growth efforts and plans; Larry Bader will join the company, effective immediately, to serve in that capacity. Bader will be responsible for selecting franchisees and area developers, negotiating and implementing franchising and area development agreements, real estate, franchisee training, and ongoing relations with the company’s franchisees.
Cosi forecasts developing approximately 485 new Cosi restaurants between 2005 and year-end 2009, consisting of approximately 101 company-owned locations and approximately 384 franchised locations. Depending upon decisions regarding further development of Cosi restaurants within Federated Department Stores locations, which Cosi expects to announce during the current quarter, these forecasts could increase materially. Cosi’s five-year restaurant development plans assume that existing restaurants continue to meet management's expectations and that capital planning for such development is successfully completed.
Mr. Bader comes to Cosi with more than 30 years experience in franchise sales, and franchise relations and development. Most recently, he served as vice president of franchise development at Atlanta Bread Company, where he launched the franchise sales department and secured area franchise development agreements in New England, Virginia, and Florida.
Kevin Armstrong, Cosi’s president and CEO, says, “We believe Cosi serves the most attractive and fastest growing dining trend and customer demographic in the restaurant industry—upscale suburbanites and metro elites demanding fresh, sophisticated and distinct flavors in a tasteful setting, without sacrificing speed of service. Our franchise sales program is a key component—along with company-owned and partnership restaurants—in our plan to capture this market opportunity, and we are very pleased that Larry will join our management team in Deerfield to oversee and accelerate the growth of our franchise sales program. His talent, experience, and management skills are directly applicable to Cosi’s plans, and will be a tremendous asset to Cosi and our business partners.”
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