Cosi appoints new chief restructuring officer
Sept. 30, 2016
by Jeff Gelski
Randy Kominsky, president of Alliance for Financial Growth, will ook to lead the restaurant company out of Chapter 11.
BOSTON — Randy Kominsky has been hired as chief restructuring officer for Cosi, Inc., effective Oct. 4. Kominsky, president of Alliance for Financial Growth, has more than 25 years of experience working with companies and creditors in Chapter 11, out-of-court restructurings, turnarounds and crisis management.
Cosi Inc., a fast-casual restaurant company based in Boston, filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of Massachusetts on Sept. 28. The terms of a non-binding, debtor-in-possession (DIP) financing term sheet dated Sept. 28 required the appointment of a chief restructuring officer acceptable to the lenders.
Kominsky will report to Patrick Bennett, the interim CEO and president for Cosi. Since June 1996, Kominsky has been president of Alliance for Financial Growth. He has been CEO, CFO, board member and adviser to growth and troubled companies, focusing on increasing cash flows and profitability and advising on mergers and acquisitions.
Kominsky was with Coopers & Lybrand, the predecessor to PricewaterhouseCoopers (PwC), from May 1993 to June 1996. He was the national partner in charge of the bankruptcy consulting practice. Kominsky was assistant general counsel of the Ryder System from March 1980 to May 1993.
Kominsky received a bachelor of business administration degree from Temple Univ. in Philadelphia and a Juris Doctor (JD) degree from Temple Univ.’s James E. Beasley School of Law.
Cosi has 45 company-owned and 31 franchise restaurants operating in 14 states, the District of Columbia, Costa Rica and the United Arab Emirates. Each Cosi restaurant has an open-flame, stone-hearth oven where Cosi signature flatbread is made throughout the day. The menu features sandwiches, salads, bowls, breakfast wraps, melts, soups, Squagels, flatbread pizzas, s’mores, snacks and desserts.