Retail

Cosi files for bankruptcy, sets sale

Così Inc., the Boston-based restaurant chain, has filed for Chapter 11 bankruptcy in federal court and plans to sell itself to a consortium of investors who have provided $4 million in interim financing. Known for its homemade flatbread, Così had closed 29 of its 74 restaurants prior to the filing. It said Wednesday that business would continue as usual at its remaining 45 company-owned and 31 franchise restaurants during the restructuring process. Così chairman Mark Demilio said “the Company cannot continue to operate in its current financial condition, and that the best alternative for the Company and its creditors would be to accomplish a sale through the bankruptcy process.’’ — MEGAN WOOLHOUSE

Government

Top state development official withdraws from Cambridge job

Jay Ash (left), Governor Charlie Baker’s top economic development official, withdrew his bid to become city manager of Cambridge. His announcement Wednesday came one day after Ash received the lowest scores among three finalists by reviewing the candidates. Ash, who previously served as city manager in Chelsea, said that “as a former municipal leader, the opportunity was intriguing.’’ But, “being part of the Baker Administration is more important to me than being part of any other administration,’’ he said in a statement. Paul Fetherston, the assistant city manager in Asheville, N.C., scored highest among panelists; Louis DePasquale, Cambridge’s assistant city manager for fiscal affairs, narrowly trailed Fetherston. Cambridge’s current city manager, Richard Rossi, announced he would retire in March. The City Council is scheduled to select a new city manager Thursday. — ADAM VACCARO

Investments

Rhode Island state fund to scale back hedge funds

Rhode Island plans to scale back its investments in hedge funds by more than $500 million over the next two years, and reallocate the money to more traditional investments with lower fees. General Treasurer Seth Magaziner’s plan was unanimously approved by the State Investment Commission on Wednesday. The Democratic treasurer is essentially reversing some of the strategies created by current Democratic Governor Gina Raimondo, when she was his predecessor as treasurer. ‘‘The fee structures at most hedge funds are not justified by the returns that are being produced,’’ Magaziner said Wednesday. About 15 percent of the state’s pension assets are allocated in hedge funds, making it a ‘‘significant outlier’’ among the nation’s largest pension funds, where the average is 4.5 percent, Magaziner said. His target ratio is about 6.5 percent. — ASSOCIATED PRESS

Agriculture

Westford delays vote on preserved farm

The Town of Westford has canceled a special Town Meeting vote tentatively scheduled for next month on a proposal to build a restaurant and banquet hall on an abandoned orchard. The decision came after the Massachusetts agriculture commissioner told town officials the plan would violate the property’s protected status and require state approval. The developer behind the proposal, which includes a parking lot, argues it would not breach restrictions requiring the land to remain “in active agricultural use’’ forever because the restaurant would serve produce grown on the property. Open-space advocates say commercial development on the site would compromise the state’s first-in-the-nation farmland conservation program, but supporters say putting a farm-to-table restaurant on the property would be preferable to its current dilapidated condition. The vote could be rescheduled for spring, after Westford officials do additional research on the issue. — SACHA PFEIFFER

Travel

Apple to locate in London’s Battersea complex

Perhaps it was the guarantees on power supply? Apple says it will be setting up its London headquarters in the boiler room of the Battersea Power Station, a London landmark that has long defined the skyline on the south bank of the River Thames. The building with four towering chimneys and the surrounding area is undergoing a massive restoration. The station has been closed for decades, and Apple’s decision to move in with 1,400 employees is a boost at a time when demand has been slowing because of a glut of luxury property. Apple’s European headquarters is set to remain in Ireland. — ASSOCIATED PRESS

LIFE SCIENCES

Ginkgo Bioworks opening production facility

Ginkgo Bioworks Inc. on Thursday will open a new 18,000-square-foot production facility near its South Boston headquarters to custom-design living cells used in food, fragrances, and cosmetics. The company, founded in 2008, raised $100 million earlier this year to expand its business of designing, prototyping, and manufacturing organisms through genetic engineering. Starting with brewers yeast, Ginkgo has developed a process to alter genes from vanilla, rose oil, mint, and other flowers or plants to produce flavors and scents used in food or cosmetic products. Ginkgo chief executive Jason Kelly said about 75 of the company’s 110 employees will work in the new foundry, which is being called Bioworks 2. He said the company, which now makes about 40 organisms for 20 customers, will focus initially on food, consumer goods, and industrial products. But its technology eventually could be used for drug making, he said. “We see an economy of scale,’’ Kelly said in an interview. “As we do more of this genetic engineering, it gets cheaper.’’— ROBERT WEISMAN

Technology

BlackBerry to outsource phone production

BlackBerry plans to stop making its signature smartphones internally, signaling a strategic shift for a company that built its reputation on innovative smartphone technology. BlackBerry’s partners will license BlackBerry’s technology and brand, while the Canadian company concentrates on growing its software business. Chief executive John Chen said the move will reduce BlackBerry’s expenses by eliminating the need to carry inventory and reducing staff. But Apple’s iPhone showed phones can handle much more than e-mail and phone calls. Blackberry was late to respond and now has a small fraction of the US smartphone market. It sold about 400,000 smartphones in its second quarter; by contrast, Apple sold 40 million iPhones in its most recent quarter. — ASSOCIATED PRESS

TECHNOLOGY

Event Farm Inc. raises $6.1m

Event Farm Inc., an event marketing software company, has raised $6.1 million in a series A funding round led by .406 Ventures and Provenance Venture Forum. Graham Brooks, a partner at the Boston-based venture capital firm, will join the Event Farm board, the company is set to announce Thursday. The fund-raising announcement comes after Event Farm’s acquisition earlier this month of Boston-based event software startup Attend Inc. — HAE YOUNG YOO

EDUCATION

Harvard endowment loss exceeds Stanford’s

The Stanford University endowment posted a 0.4 percent loss on its investments for fiscal 2016, underperforming some large rivals but doing better than Harvard University’s 2.0 percent loss. Last week, Yale University said it had a 3.4 percent gain for the year ended June 30. The median return for foundations and endowments tracked by the Wilshire Trust Universe Comparison Service was negative 0.3 percent. Harvard is the largest university endowment, with $35.7 billion in assets. Harvard president Drew Faust said the “disappointing’’ investment return would “constrain our budgets,’’ according to the Harvard Crimson. Harvard Management Co. is seeking a new chief executive after the departure this summer of Stephen Blyth after a short year-and-a-half stint. The endowment manager is under pressure to boost performance; Blyth had said it needed to produce at least a 5 percent return annually to meet its obligations to Harvard’s annual operating budget. Despite last year’s loss, Stanford’s endowment increased in value by 0.8 percent to $22.4 billion, the school said, thanks to fund-raising and gifts. — BETH HEALY