Panera Bread Company, the US-based bakery franchise, has reached an agreement with a group of investors to open 14 bakery-cafes in northwest Los Angeles county. Adler, Glazer and Wyss will operate under the franchise group name Mariposa Bread and are scheduled to open their first bakery-cafe in 2003. The new bakery-cafes will be the company's first venture in California.
To accommodate the new bakery-cafes, Panera Bread plans to build a new fresh dough facility in Los Angeles which will open in time for the launch of the new outlets.
Panera has also recently released its latest financial results. Recent expansion has pushed revenues up to $207 million (€221 million) for the first quarter of this year, representing a rise of 45 per cent compared to the same period last year.
Ron Shaich, Panera Bread chairman and chief executive officer said: "The franchise group grew into a consistent sales volume leader. We look forward to drawing on the strength of its food industry experience as we prepare for a successful entry into California."
The company owns and franchises bakery-cafes under the Panera Bread and Saint Louis Bread names. The company is one of the leaders in the emerging specialty bread market. In the US it operates bakery-cafes (including one specialty bakery-cafe) in 30 states (117 company-owned and 273 franchised bakery-cafes).