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 Au Bon Pain, Harvard Square, 2005 | |
| Au Bon Pain | |
| Company type | Subsidiary |
| Industry | Fast-casual restaurant, bakery, and café |
| Founded | 1976 in Boston |
| Founder |
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| Headquarters | , United States |
Number of locations | 171 (2021)[1] |
Area served |
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| Products |
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| Owner | AMPEX Brands |
| Website | aubonpain |
Au Bon Pain (French pronunciation: [o bɔ̃ pɛ̃], meaning "at the good bread"[2]) is an American fast casual restaurant, bakery, and café chain headquartered in Richardson, Texas, which operates 175 locations in the United States, Thailand, and Taiwan.[3] The company is currently owned by AMPEX Brands.
Au Bon Pain serves baked goods such as bread, pastries, croissants, bagels; tea, coffee, and espresso beverages; breakfast foods such as egg sandwiches; and lunch items such as soups, salads, and sandwiches. The company also offers catering services.[4]
Most Au Bon Pain locations are on the East Coast of the United States, notably Philadelphia, New York City, and Boston.[5] Stores are either company-owned or franchised. Most of the company-owned locations are in Boston, Chicago, New York, Philadelphia, Pittsburgh, and Washington D.C., while franchise locations operate in 19 states around the country as well as internationally.[6] The business model currently favors locations at colleges, hospitals, and transportation stations.[7]
Pavailler,[8] a French manufacturer of baking equipment, established the company as a showcase for its ovens in 1976 at Faneuil Hall in Boston. The company's principals included Louis Rapuano, Pavailler, and two minor investors; Pavailler contributed baking machinery to the venture. Au Bon Pain sold croissants, pastries, and bread produced by French bakers. In 1977, it opened stores in Hackensack, New Jersey and New York City.[9]
In 1978, Au Bon Pain was acquired by Louis I. Kane, a venture capitalist who liked how its products smelled, for US$1.5 million (equivalent to US$6.7 million in 2022).[10] The business model was changed to sell baked goods instead of ovens.[3] Francois Marin was hired to open and manage the first Au Bon Pain in Boston's Quincy Market.[11]
By 1980, Au Bon Pain had over US$1 million (equivalent to US$3.6 million in 2022) in sales but was still losing money.[12][13][14]
In 1981, the company was suffering from debt and on the verge of bankruptcy, and Ronald M. Shaich and his father acquired a 60% stake.[13]
In 1991, Au Bon Pain was listed on the stock market[which?] via an initial public offering.[15]
In 1993, the brand acquired Saint Louis Bread Company, the predecessor of Panera Bread, for US$23 million (equivalent to US$46.6 million in 2022).[13][15][16][17] It also acquired the U.S. bakery locations of Warburtons, which were converted to Au Bon Pain stores.[18]
In 1996, the company announced plans to upgrade the interior of its stores after reporting a loss.[19]
In 1997, Au Bon Pain considered opening locations in Peru.[20]
In 1999, Au Bon Pain Co. Inc. (later renamed Panera Bread) sold its Au Bon Pain division to Bruckmann, Rosser, Sherrill & Co. In 2000, it was sold to Compass Group.[21]
In 2000, the company reached a franchise agreement with Gourmet Coffee Co. Ltd. of Taiwan to open the first locations of Au Bon Pain in Taipei.[22]
Au Bon Pain had a store in the underground shopping mall at the World Trade Center in New York. This location, like many other shops in the mall, was destroyed in the September 11 attacks in 2001.[23]
In 2005, Au Bon Pain management, in partnership with PNC Financial Services, purchased 75% of the company; Compass Group retained the remaining 25%.[24]
In March 2008, LNK Partners, a private equity firm, acquired a controlling interest in the company.[25]
In 2011, all of its locations were renovated in a major remodeling program.[26]
In 2012, the number of Au Bon Pain locations peaked at over 200.[27]
In 2013, the company announced that by 2017, it would only use free-range eggs.[28]
In 2014, under the leadership of Sue Morelli, Au Bon Pain was named one of the top fenale-led businesses in Massachusetts.[29]
In January 2015, Au Bon Pain hired Katherine See as its executive chef.[30]
In June 2016, Morelli retired, and Ray Blanchette was named president and CEO.[31]
On November 8, 2017, Panera Bread announced the acquisition of Au Bon Pain, which had split off from Panera in 1999 after being created in 1981.[15][32][33][34] Following the deal, Ron Shaich stepped down as the chief executive, to be succeeded by Blaine Hurst, Panera's president.[35]
In December 2019, Au Bon Pain closed its last remaining Cambridge, Massachusetts store, ending over 35 years of business in their former flagship city.[36]
In June 2021, AMPEX Brands purchased the chain from Panera Bread in a deal that included around $60 million in assets. The agreement ensured the preservation of the Au Bon Pain brand in light of the closing and conversion of various Au Bon Pain locations into Panera Bread stores. AMPEX Brands declined to disclose the exact value of the deal but confirmed the inclusion of assets and franchise rights for 131 additional locations.[37][38] AMPEX Brands also concurrently announced the move of the company's headquarters from Boston to its own headquarters in Texas.[39][40]
Decreased urban foot traffic caused by the COVID-19 pandemic resulted in more closures, leaving only 123 stores in the United States. After a long downward trend, new locations started opening again under the new ownership, starting in a Macy's in Queens Center Mall.[27]
