Panera Cutting 17% of Corporate Staff Ahead of IPO

Panera Brands (Panera) is scaling back its staffing levels as it prepares to become a publicly-traded company.

According to news outlets, including The Wall Street Journal (WSJ), the operator of Panera Bread, Caribou Coffee, and Einstein Bros. Bagels is reducing its corporate workforce by approximately 17 per cent.

In an internal message that was viewed by WSJ, CEO José Alberto Dueñas called it a difficult move that will streamline the company and allow general managers at restaurants to operate more efficiently.

The layoff comes just months after Panera revealed that it was gearing up for an “eventual” initial public offering (IPO).

“To best position the company for the future and continually improve our guest experience, Panera is taking steps to simplify our operations,” a Panera Bread spokesperson told FOX Business.

“To fully enable this simplified model, we have made some difficult decisions to better align our support structure with our strategy.”

The company’s corporate workforce consists of approximately 1,800 employees, according to reports.

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