Panera acquires 32 bakery-cafes from franchisees

by Staff
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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.

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