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.
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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.
