American multinational fast-food restaurant franchise Subway has confirmed that its stakeholders are exploring options for a possible sale of the company.
The company has hired investment banking giant JP Morgan to advise on and conduct the sale process.
Go deeper with GlobalData
In its press statement, Subway said there is no timetable for a sale or assurance that a sale will occur.
It also said it will not make any further public comment regarding the process until it has been completed.
The company continued: “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, modernisation of restaurants and improvements to its overall guest experience.”
See Also:
The company reported a record-setting year ending 2022, surpassing global sales projections and attaining eight consecutive quarters of positive same-store sales growth.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSince it is a privately held company, Subway is not compelled to reveal its financial information, but it has recently provided sales updates as it attempts to turn things around.
According to the Wall Street Journal, which first reported on the development in January, a sale could value Subway at more than $10bn.
Last July, Subway announced the launch of the most ambitious update to its sandwich menu.
Called the Subway Series, the line-up included 12 new signature sandwiches.
One of the largest quick service restaurant (QSR) brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls.
It has an established presence in more than 100 countries and operates nearly 37,000 restaurants.
