In the latest development, Panera Brands Inc. has announced a significant reduction of its corporate staff as part of its initial public offering (IPO) preparation process. The company, which operates Panera Bread (NASDAQ:PNRA), Einstein Bros. Bagels, and Caribou Coffee, has let go of approximately 300 employees, constituting 17% of its corporate workforce. This move primarily affects Panera Bread and is part of a broader restructuring initiative aimed at streamlining operations and enhancing customer experiences.
The restructuring comes under the leadership of CEO José Alberto Dueñas and Chairman Niren Chaudhary, both appointed during a leadership reshuffle in May. The board changes also included Patrick Grismer as audit committee chair and the announcement of outgoing Krispy Kreme CEO Mike Tattersfield joining as board chairman in January.
The St. Louis-based company was taken private by European investment firm JAB Holding Co. in a $7.16 billion deal in 2017. JAB later merged it with Einstein Bros. Bagels and Caribou Coffee, two brands they had previously acquired, into one group now known as Panera Brands Inc.
Despite calling off an earlier IPO attempt with a SPAC led by restaurateur Danny Meyer due to economic concerns, the firm remains committed to returning to public markets. The Wall Street Journal predicts this move could take place next year.
In the fiscal year 2022, Panera Brands generated approximately $4.8 billion in revenue from over 3,800 locations worldwide. Tattersfield, who is set to join the board in January, has previously held CEO positions at both Caribou Coffee and the Einstein Noah Restaurant Group.
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