Part 3/15:
In 1993, the chain was acquired by Albon Panco for $23 million, marking the beginning of its expansion beyond the original bakery. The Rosenthal family cashed out, retiring comfortably, while the new ownership rebranded the business as Panera, derived from the Latin term for bread basket. This period was foundational; Panera began to establish its identity centered on fresh baked goods, soups, and sandwiches, emphasizing quality and health-conscious options.