I just had someone else look at the logo and they said it is very close to another brand that is dominant in Australia; "Coles".
http://www.topbargains.com.au/sites/default/files/storelogo/coles_logo.gifThe "E" seems to emphasis the affect. Perhaps #117 was more unique in that regard.
The "CO" part is simply amazing; Would you be able to explore some different options with the E (and maybe the R). I need some inspirational direction from you :)