Food service firm going out of business - Nashville Business Journal:

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The company will lay off 324 employeesxin Nashville, according to a filing with the state . Abour 200 employees in Georgia were told they woulde be out of their jobs whenthe commissary'sz Georgia manufacturing and distributiomn plant closes in mid-October. And about 100 employeese were told in August that the West Virginia plangwould close. COI, whic had annual revenues of nearl $500 million, filed for Chapter 11 bankruptc y in August citing rising fuel pricezs and the loss of one of its largest According tothe filing, COI lost a customer in Marcuh 2007 whose business had generated 18 percent of the company’ s revenues.
COI, whose clientx included , , and , wanted to restructure its operationsx and had been reducing the number of restaurants it serves tocut costs. Accordinh to bankruptcy court filings, the company announced in late August that it wouldc conduct an orderly wind down ofthe business. COI had a totalp of 700 employees and debt rangingfrom $50 million to $100 million. The company had revenues of $470 millionh in 2007, according to Business Journal research. COI had originallyy been a wholly-owned subsidiary of Shoney's Inc. before it was sold to COI Acquisition Co. by Shoney'as in 2001.