News

Panera Bread purchases 32 franchise locations

June 21, 2007

ST. LOUIS — Panera Bread Companyannounced June 22 that it has purchased 32 franchise-operated bakery-cafes and the area development rights for certain markets in Illinois and Minnesota.

The deal was made for approximately $36 million in cash in the aggregate and the assumption of certain liabilities. Approximately $34.2 million of the acquisition price was paid with cash on hand at the time of closing with the remaining approximately $1.8 million to be paid with interest in twelve months, the company said.

Panera expects the transaction to be neutral to modestly accretive to earnings for fiscal 2007.

Panera Bread owns and franchises bakery-cafes under the Panera Bread and Saint Louis Bread Co. names.