Cosi, Inc., the premium convenience restaurant company, today announced that it has sold thirteen restaurants in the Washington D. C. market to Capitol C Restaurants LLC (“Capitol C”) for $8.4 million.
The restaurants will be operated under a franchise agreement between the parties and Capitol C has entered into a development agreement to open six additional Cosi restaurants in the District of Columbia.
Capitol C is led by Richard Pawlowski, Principal and Chief Executive Officer. Mr. Pawlowski is an experienced multi-unit restaurant operator and developer in the D. C. market.
Under the terms of the Asset Purchase and Sale Agreement, $6.4 million of the purchase price was paid in cash at closing, $1.4 million is to be paid pursuant to a three-year note and the balance of $0.6 million is being held in escrow subject to the satisfaction of certain conditions. More.