Panera Brands is planning to cut its workforce ahead of its planned initial public offer (IPO), the Wall Street Journal (WSJ) has reported, citing an internal memo.

The parent company of Panera Bread will lay off approximately 17% of its 1,800 corporate staff members.

The decision may primarily affect those in support-staff roles.

The move is part of the company’s strategy to streamline its operations and improve efficiency.

For more than 25 years, Panera Bread operated as a public company. In 2017, it became a private business entity after it was acquired by JAB Holdings in a deal valued at $7.16bn.

With this move, Panera Brands is reportedly planning to go public again, potentially as early as 2024.

A Panera Bread spokesperson told FOX Business: “To best position the company for the future and continually improve our guest experience, Panera is taking steps to simplify our operations.

“To fully enable this simplified model, we have made some difficult decisions to better align our support structure with our strategy.”

In May 2023, Panera Brands established the next generation of CEO leadership and board governance in preparation for its eventual IPO.

As part of this move, CEO Niren Chaudhary was appointed as Panera Brands chairman, and José Alberto Dueñas was named the new CEO of the company.