Panera is laying off more corporate employees after going through a staff cut last year, according to the St. Louis Post-Dispatch.

The company did not specify how many workers were let go; it just said that leadership was reducing and reassigning some roles across the organization. CEO José Dueñas said the move would streamline communication and enable faster and more consistent decision-making, according to an internal memo viewed by the Post-Dispatch. This did not impact any workers at the store level. Laid-off workers will receive severance, paid out PTO, healthcare support, and career services.

Dueñas essentially gave the same message in November 2023 when Panera let go of 17 percent of its corporate staff or approximately 300 employees. At that point, the brand employed about 1,800 workers.

Panera has reportedly eyed an IPO for the past few years. In August 2021, Panera, Caribou Coffee, and Einstein Bros. Bagels announced they would join forces under private equity backer JAB Holding Company to create Panera Brands. Afterward, Dueñas, previously the leader of Einstein Bros., took over as chief executive, and former Krispy Kreme CEO Mike Tattersfield assumed the chairman role.

Late in 2023, the group confidentially filed an IPO and intended to reach the stock market in 2024.

However, in July, Reuters reported Panera Brands was looking to sell off Caribou and Einstein Bros. The media outlet said Bank of America was running the sales process and that restaurant operators and private equity firms have shown interest in acquiring the chains. According to the publication, Panera wanted a valuation 10 times its EBITDA of $150 million in 2024.

Panera has approximately 2,200 stores in the U.S. Caribou has around 500 locations in the U.S. and Einstein Bros. Bagels has around 660 units.

JAB Holding purchased Panera for $7.5 billion in 2017 and took it private. Caribou was acquired for $340 million in 2012, and Einstein Noah Restaurant Group was bought for $374 million in 2014. 

The fast casual has undergone several changes since the pandemic, including its largest menu overhaul in company history. Earlier this year, Panera unveiled several new or enhanced items to simplify operations for back-of-house employees.