Panera To Pay $15M For 13 Franchise Sites

Biz Journals:

Panera Bread Co. said Tuesday that it agreed to spend about $15.3 million to buy 13 franchised bakery-cafés and the area development rights for certain markets in Iowa, Nebraska and South Dakota from its franchisee, Panebraska LLC.

One of the 13 bakery-cafés Panera plans to buy is under construction. Panera said in a release that it expects to pay about $15.3 million in cash and assume certain liabilities, including those associated with bakery-café construction.

According to the release, the deal is set to close on or about Oct. 24, subject to customary closing conditions.