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Restaurant Industry News
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Sunday June 11th, 2006 |
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Panera Bread to Open in Northern California
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New Franchise Group to Develop 10 New Bakery-Cafes in San Francisco and Marin Counties |
Panera Bread Company (Nasdaq: PNRA) today announced an agreement with a new franchise group to develop 10 Panera Bread bakery-cafes in the counties of San Francisco and Marin, Calif. The "Oakes/Cobo," franchise group, led by principals Glenn Oakes, David Cobo and Matt Cobo, will open its first Panera Bread bakery-cafe by May of 2006.
"The Oakes/Cobo franchise group is a family organization that reflects the values and strengths of Panera Bread. Together Glenn Oakes and David and Matt Cobo bring decades of franchise, real estate and business development experience to Panera Bread," said Mike Kupstas, senior vice president and chief franchise officer of Panera Bread. "This kind of track record is critical to establishing Panera Bread as a leader in Northern California, a region where customers expect great bread and unique menu offerings. We continue to execute our growth strategy with high quality franchisees who bring operating experience and knowledge of the local market to Panera."
Oakes has nearly 25 years of experience owning and operating Burger King Restaurants. While at Burger King, he became known for his ability to transform failing restaurants into 'A' standard quality. His efforts resulted in a dramatic, 200 percent increase in sales in just a few years.
David Cobo is a 32-year veteran of the real estate industry. As owner, CEO and Chairman of the Board of Prudential Realty, he created one of the largest real estate brokerage firms in the nation, with operations in California, Nevada and Texas.
Matt Cobo has spent a majority of his career as an entrepreneur starting and eventually selling three successful technology organizations. Currently, Matt serves as Vice President and Partner at Clareity Consulting, Inc., an IT real estate consulting firm.
"We are excited to bring Panera Bread's tradition of handcrafted, artisan breads to an area of the country known for its culinary and baking expertise," said Matt Cobo. "We are confident that Northern Californians will quickly recognize the truly unique experience that Panera Bread offers. We look forward to working with Panera Bread this year, and in many years to come."
Panera Bread owns and franchises bakery-cafes under the Panera Bread and Saint Louis Bread Co. names. The company is the leader in the emerging specialty bread/cafe category due to its unique bread combined with a quick, casual dining experience. As released in the October 28, 2004 earnings statement, Panera Bread operates 701 bakery-cafes (212 company-owned and 489 franchised).
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| Last: |
63.04 |
| Time: |
6/9/2006 4:00pm |
| Change: |
+0.42 |
| Opened: |
62.50 |
| Day: |
63.85 - 62.45 |
| Volume: |
548988 |
| Panera Bread Recognized As The Top Performer In Restaurant Category for One, Five and Ten Year Returns To Shareholders |
| Panera Bread Reports 36% Increase in Third Quarter Net Income and Raises 2005 Target |
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