Panera acquires 32 bakery-cafes from franchisees
June 22, 2007
by FoodBusinessNews.net Staff
ST. LOUIS — Panera Bread Co. has purchased 32 franchise-operated bakery-cafes and area development rights for some markets in Illinois and Minnesota for around $36 million as well as the assumption of liabilities.
About $34.2 million was paid with cash at the time of closing with $1.8 million to be paid with interest in 12 months.
In terms of earnings for fiscal 2007, Panera expects the acquisition to be neutral to modestly accretive.