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Subway sandwich restaurant chain revealed it may sell its business. The company admitted there is a big possibility for the sale and this was shared through an official statement that was published on Tuesday, Feb. 14.
The fast food restaurant franchise that mainly offers submarine sandwiches, wraps, and salads said that its shareholders are looking into the sale of the company. For starters, it has already signed up J.P. Morgan to provide assistance with the process.
According to CNN Business, Subway also issued a warning saying that although it is exploring the selling of the brand, there is no guarantee that a sale will indeed take place. It also said that it will no longer release comments about this matter until it has actually finished the process.
It was noted that the company’s announcement came just a month after the Wall Street Journal news outlet released an article about the chain’s sale. Moreover, there is no mention of the sale price of Subway but the paper indicated it could be valued at more than $10 billion.
The sandwich restaurant has a long history and has been around for almost 60 years already. It was founded by Fred DeLuca and Dr. Peter Buck in 1965 and successfully grew across the United States and globally. It has a presence in more than 100 countries today and boasts of about 37,000 stores with 20,000 being located in the U.S.
“Subway, one of the world's largest restaurant brands, announced today that its shareholders are exploring a possible sale of the company,” the restaurant chain said In a press release. “J.P. Morgan is advising the company and will conduct the sale exploration process.”
It added, “The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience.”
Photo by: Szymon12455/Unsplash
