RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
European Stocks Rise as Markets Await Key U.S. Inflation Data 
BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
China Urged to Prioritize Economy Over Territorial Ambitions, Says Taiwan’s President Lai 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Asian Markets Stabilize as Wall Street Rebounds and Rate Concerns Ease 
Dollar Slides to Five-Week Low as Asian Stocks Struggle and Markets Bet on Fed Rate Cut 
OpenAI Moves to Acquire Neptune as It Expands AI Training Capabilities 
China’s Services Sector Posts Slowest Growth in Five Months as Demand Softens 
Asia’s IPO Market Set for Strong Growth as China and India Drive Investor Diversification 
Netflix’s Bid for Warner Bros Discovery Aims to Cut Streaming Costs and Reshape the Industry 
Michael Dell Pledges $6.25 Billion to Boost Children’s Investment Accounts Under Trump Initiative 
Asian Currencies Steady as Rupee Hits Record Low Amid Fed Rate Cut Bets 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Au Bon Pain has a new owner, and it was acquired by Ampex Brands, the operator of the 7-Eleven franchise and Yum! Brands that has KFC, Taco Bell, and more under its belt.
The American fast-casual restaurant, bakery, and café chain headquartered in Boston has been sold once again after Panera put it up for sale. The acquisition was announced on Wednesday, June 30.
Acquisition announcement
It was reported that the deal between Ampex Brands and Panera was finalized on Tuesday, June 29, so it was publicly revealed the next day. Fox Business reported that Ampex is currently operating more than 400 restaurants and convenience stores, and the deal will further expand the company’s portfolio.
With the acquisition, Ampex will effectively add 171 Au Bon Pain stores to its list of food businesses. It was added that the agreement also gives Ampex franchising rights to 131 other locations. The bakery chain is also a popular brand, so Ampex is expecting an increase in profits by as much as 10% a year.
"We see a solid future for both Au Bon Pain and our broader portfolio," Ampex CEO, Tabassum Mumtaz, said in a statement. "Our QSR brands performed extraordinarily well throughout the pandemic as guests moved to drive-thru. That performance allowed us to diversify and jump on a great opportunity to reposition a legacy brand. The bakery café category will rebound, and Au Bon Pain is well-positioned to grow."
Panera struggled to keep Au Bon Pain’s sales up
Panera acquired the bakery in 2017, and in recent years, it struggled to keep sales up, so it ended up selling all of its 171 branches. This is a big number, but both Ampex and Panera did not disclose the terms and value of their agreement.
Meanwhile, CNN Business reported that the acquisition of Au Bon Pain will make Ampex Brands a franchisor for the first time since it has always been a franchisee. As part of the plans to expand and market its newly acquired bakery chain, it will be focusing on the existing branches first, then, later on, it will build more stores in key market locations in the Northeast and mid-Atlantic regions.
