The next few months will be crucial for Panera Bread Co. (PNRA), a consumer retailer that provides sandwich, salad and bakery goods, which is in the midst of a turnaround effort that has attracted the interest of an activist investor. Panera announced on April 15 that activist shareholder Luxor Capital Group LP has been in discussions with the company. Luxor has previously been successful in the restaurant space, specifically electing directors to the board of BJ’s Restaurants Inc. last year and helping unlock shareholder value. Analysts noted that the success of Panera’s turnaround plan, dubbed Panera 2.0, is likely going to succeed or not by the end of this year. If the plan falters, it’s possible Panera could become a sale target.
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