Panera Bread Co (PNRA) Stock Hits 52-Week High

Shares are up more than 10% Thursday

Panera Bread Co (NASDAQ:PNRA) stock has hit a 52-week high.

Panera Bread CoThe restaurant chain announced plans to boost a stock-buyback plan. Panera will take on $500 million in new debt to fund the program.

The company has been in contact with shareholder Luxor Capital Group LP to increase its share-purchase plan to $750 million, surpassing its previous plan of $600 million.

Panera also plans to sell some of its outlets to fund the share-buyback program. About 73 locations will be sold to other franchises.

Panera will acquire $500 million of shares within the next 12 months.

PNRA stock is up about 10.5% Thursday. Shares are selling for $181.69.

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