ST. LOUIS — Panera Brands Inc., the St. Louis-based restaurant holding for Panera Bread and several other chains, is cutting about 17% of its approximately 1,800 corporate employees, or about 300 people, as the company looks toward its planned initial public offering, the Wall Street Journal reported.
The holding company, which also includes Caribou Coffee and Einstein Bros. Bagels, said the layoffs focus on support staff, the WSJ reported Wednesday, citing an internal message viewed by the publication.
A person familiar with the matter told the Business Journal on Thursday that only Panera Bread corporate staffers are affected by the cuts.
José Alberto Dueñas, Panera Brands' CEO, called the cuts a difficult move that will streamline the business and let restaurant general managers operate more efficiently, according to the report. A Panera spokesman told the WSJ that the move would improve customers' experience.
Panera Brands announced in May that it once again planned to offer its shares on the public market. The company has yet to release a timeline for its planned offering, but it could be as early as next year according to WSJ, citing people familiar with the matter.
