Sandwich chain Subway to explore sale
Subway mentioned on Tuesday it was exploring a doable sale of its business because the sandwich chain faces surging prices and mounting competitors from deeper-pocketed rivals.
The Wall Street Journal mentioned final month a possible sale might worth Subway at greater than US$10 billion.
Founded in 1965 by 17-year-old Fred DeLuca and household buddy Peter Buck, the corporate has been owned by the founding households since its first restaurant opened as “Pete’s Super Submarines” in Bridgeport, Connecticut.
It now has greater than 37,000 eating places in over 100 nations.
In 2021, Subway determined to overtake its menu and pour more cash into advertising and marketing in a bid to win again prospects with its new sandwiches amid stiff competitors from Popeyes and Chick-fil-A.
Subway mentioned on Tuesday J.P. Morgan was advising the corporate and can conduct the sale exploration course of. There was no indication of timing or assurance {that a} sale will happen, it added.
The firm, one of many world’s largest quick-service restaurant manufacturers, earlier this month reported a 9.2% bounce in same-store gross sales for 2022.
Reporting by Ananya Mariam Rajesh and Granth Vanaik in Bengaluru; Editing by Devika Syamnath
