CFO Scott Kennedy has been tapped as interim CEO.
Caribou Coffee
The Minnesota-based coffee company says the deal will enable it to turn its attention to its retail coffeehouses.
The coffee company says the decision is based on changing traffic patterns.
Panera Brands, a business unit that includes Panera Bread, Caribou Coffee, and Einstein Bagels, has unveiled plans to go public.
The Minnesota-based coffee chain looks to grow its presence nationwide.
The brands’ parent company JAB Holding Co. is reorganizing its fast-casual brands to help “fuel growth.”
Sarah Spiegel took over the top position earlier this month.
The Joh. A. Benckiser Group, a German holding company that recently purchased a majority stake in California-based Peet’s Coffee & Tea, has agreed to pay $16 per share in cash to acquire Caribou Coffee.