Panera to sell 73 cafes, increase share repurchases

Panera Bread Co. has signed letters of intent to sell and refranchise 73 of its company-owned cafes.

The company plans to use the proceeds to repurchase shares, according to the St. Louis Business Journal.

During the next year, Panera expects to repurchase $500 million shares. It has a total share repurchase program of $750 million.

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