After acquiring assets of the Submarina sandwich chain in 2009 through the Kerensa Investment Fund 1 LLC, investment banker Bruce Rosenthal said he was forced to make some changes. The all-franchised chain had a serious negative cash flow, he said, and franchisees were threatening insurrection, saying that he needed to step in or face going under. So Rosenthal took the helm as chief executive and over the past year and a half decentralized the business, downsizing the corporate office and ...

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