RICHMOND HEIGHTS, Mo. (AFX) - Restaurant-chain operator Panera Bread Co. said Monday a new franchise group will open 14 of its bakery-cafes in Arizona.
Financial terms were not disclosed.
The franchise group is led by Dennis Hitzeman and Tom McDonald, who currently are partners in an organization that runs 54 Burger King restaurants across the country, as well as other restaurants. The group also includes Shane Hitzeman, who will serve as the group's co-owner and operations partner.
The new Arizona locations will be in Panera's south Phoenix territory.
Panera Bread shares rose 20 cents to $51.59 in aftermarket trading on the INET electronic exchange.
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