Subway exploring possible sale of company
Asher Notheis
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Subway shareholders are exploring selling the long-standing sandwich company.
An announcement Tuesday follows reporting a deal was being considered, though there is no indication of when or if a sale will actually happen. J.P. Morgan, a financial services company, is advising Subway on this possible sale and will conduct the exploration of the sale process, the restaurant chain announced Tuesday.
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Additional details regarding this sale will not be announced until it is completed.
The possibility of selling the company was reported last month by the Wall Street Journal, which reported the chain was considering selling the company for $10 billion. The franchise was introduced to the public in 1965 and has been owned by two founding families since then.
“As a privately held company, we don’t comment on ownership structure and business plans,” Subway told the outlet when asked about a possible sale. “We continue to be focused on moving the brand forward with our transformational journey to help our franchisees be successful and profitable.”
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The news of Subway exploring a sale follows decreased sales and store closures around the United States. In 2021, there were 21,147 Subway restaurants nationwide, down from 27,100 restaurants in 2015, according to data from Technomic.
The Washington Examiner contacted Subway for comment.