Panera Bread Essay

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Panera Bread Company (2010) Still Rising Fortunes? Synopsis In 1976 Frenchman Pavailler, opened the Au Bon Pain bakery in Boston. In 1978, the business was purchased by venture capitalist Louis Kane who recognized the bakery’s growth potential and between 1978 and 1981, he opened 13 additional stores. Only three stores survived and Kane found himself $3 million in debt and on the verge of bankruptcy until Ronald Shaich became his business partner. In 1981 Shaich and Kane merged their two respective businesses, The Cookie Jar Bakery and Au Bon Pain into one, Au Bon Pain Co, Inc. “Between 1981 and 1984 the team expanded the business, worked to decrease the company’s debt, and centralized facilities for dough production” ( Wheelen, Hunger, Hoffman, & Bamford, 2014, pg. 16-2). In 1985 sandwiches were added to the Au Bon Pain menu enabling the company to become the first to offer the customer a choice between fast food and casual dining. Thus the concept of fast casual dining was conceived. Au Bon Pain went public in 1991. “By that time, the company…show more content…
The May 16, 1999 sale of the business unit sold for $73 million and the company changed its name Panera Bread Company. According to the text, “The sale left Panera Bread Company debt-free and the cash allowed for the immediate expansion of its bakery-café stores” (Wheelen, Hunger, Hoffman, & Bamford, 2014, p. 16-3). The company continued to grow during the 2000s and by 2009 became national. In May of 2010 after 28 years as the CEO and chairman of the company, Ronald Shaich stepped down electing to remain within the company as a mentor to the senior team and focusing on strategy and

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