Shine a light: Louisiana Economic Development is accepting nominations for the 2017 Lantern Awards. The annual awards honor outstanding manufacturers from Louisiana’s eight regional planning and development districts. Anyone may nominate a manufacturer. Award-winners are chosen for their excellence in manufacturing and their community involvement during the three years prior to the nomination. Nomination packets may be obtained online and should be returned to the corresponding planning district office. The awards will be presented June 6 at a reception at the Louisiana Governor’s Mansion. The deadline to submit nominations is Monday, April 24. The state has honored more than 300 manufacturers since 1979 through the Lantern Awards. Get complete details.
Sale pending: Luxembourg-based JAB Holdings, the parent company of Peet’s Coffee & Tea, announced this morning plans to buy St. Louis-based Panera Bread in a deal valued at about $7.5 billion, including debt. Bloomberg reports JAB is expanding its coffee and breakfast empire. The company is an investment vehicle of Germany’s billionaire Reimann family, and it has snapped up several U.S.-based breakfast and coffee companies in recent years, including Krispy Kreme Doughnuts and K-cup coffee pod-maker Keurig Green Mountain. Panera has 2,000 bakery cafes throughout the United States, including one on Jefferson Highway in Baton Rouge. Read more.
Flat-footed: Discount footwear chain Payless ShoeSource filed for bankruptcy on Tuesday, announcing it will immediately close 400 stores after facing bruising competition from online retailers and other setbacks. USA Today reports the chain says it will shed debt, attract new capital, boost its e-commerce efforts and emerge stronger and more competitive under a reorganization plan. Payless’s Chapter 11 reorganization petition, filed in a U.S. Bankruptcy Court in Missouri, says the company has as much as $1 billion in assets and up to $10 billion in liabilities, along with more than 100,000 creditors. The company currently operates about 4,400 stores in 30 countries, including five in the Capital Region. Payless has not yet announced which stores it will be closing. Read more.
