Panera to increase buyback to $750M, refranchise 73 stores

Panera Bread announced that it is increasing its buyback authorization to $750 million and plans to sell and refranchise 73 of its company-owned stores, according to Seeking Alpha.

The company will buy back $500 million in shares over the year since taking on new debt of $500 million.

Panera had planned to refranchise 50-150 cafes in 2015 and signed letters of intent on the 73 stores. The company believes it will reach its 2015 franchising goals, the article said.