Subway to Explore Possible Sale

Subway (Milford, Conn.) has confirmed weeks of reports it is exploring a possible sale by issuing a brief news release confirming it has hired J.P. Morgan to perform that task. The sandwich chain said it won’t make any further public comment regarding the process until it has been completed.

“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,” the company said in its release. “The company recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth.”

Earlier this year, The Wall Street Journal reported Subway was exploring a sale that could value the sandwich chain at more than $10 billion.

One of the world’s largest quick-service restaurant brands, Subway serves made-to-order sandwiches, wraps, salads and bowls in nearly 37,000 franchisee-owned restaurants across more than 100 countries.