Business & Tech
Panera's Going To Buy Au Bon Pain
The sandwich and bread giant is buying the bakery chain we see in every airport and mall across the country.
The bakery, soups, salads and sandwiches chain Panera Bread said on Wednesday it is buying Boston-based chain Au Bon Pain, the company announced on Wednesday.
Panera said it is buying the bakery chain to bump up presence in places such as colleges, transportation centers, urban locations, hospitals and airports. Au Bon Pain has 304 stores worldwide.
Terms of the transaction, which is expected to close during the fourth quarter, were not disclosed, said the release.
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According to the announcement, this acquisition will bring Au Bon Pain and Panera together again. Ron Shaich, Panera’s founder, chairman and CEO, and his late partner Louis Kane created Au Bon Pain Co. Inc. in 1981.
Au Bon Pain went public in 1991, purchased by Saint Louis Bread Company in 1993. In 1999, it was renamed Panera.
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Shaich said in a statement, “With the acquisition we are announcing today, we are bringing Au Bon Pain and Panera together again. This acquisition offers the strategic opportunity for us to grow in several new real estate channels, including hospitals, universities, transportation centers and urban locations, among others."
Photo Credit: Justin Sullivan/Getty Images/News
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