Published On: Tue, Feb 24th, 2015

Einstein Brothers Bagels to Close 39 Locations

The announcement comes a few months after JAB Holding paid $374 million to take the company private.

Einstein Brothers

Einstein Noah Restaurant Group announced it would close 39 underperforming stores.

The announcement comes a few months after JAB Holding paid $374 million to take the company private and just weeks after former CEO of McAlister’s Deli Frank Paci assumed the position of CEO at Einstein, according to bizjournals.

The 39 locations, 36 of which are part of the Einstein Bros. bagel chain, will be shuttered in 11 states. Management announced it would, “continue to focus on performing high-performing restaurants to ensure the future growth and success of the business, ” according to bizjournals. David Einhorn, of Greenlight Capital, had the largest stake in the company prior to the deal, around 35%, and supported its menu. Einstein Noah Restaurant Group was pursuing a plan to cut costs and revitalize its coffee and food offerings. JAB Holding bought the company at a 47% premium.

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