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Subway sandwich chain is reportedly looking to sell its business. It was reported that the company could be worth $10 billion, and since it is a known brand in many parts of the world, business experts believe it could draw in many private equity firms and corporate buyers.
As per Fox Business, Subway retained its advisers to look into the sale of a closely held sandwich shop. Then again, sources who are familiar with the matter said that things are still in the very early stage, so there is a possibility that the sale will not even push through.
"As a privately held company, we don’t comment on ownership structure and business plans," Subway told The Wall Street Journal. "We continue to be focused on moving the brand forward with our transformational journey to help our franchisees be successful and profitable."
As of 2021, the Connecticut-based fast-food restaurant franchise that specializes in submarine sandwiches, wraps, salads, and drinks has around 37,000 stores in 100 countries. It is also the biggest restaurant chain based on locations in the United States.
It was run by its co-founder Fred DeLuca for decades until 2015. His sister Suzanne Greco took over the company until her retirement in 2018. It has 21 locations in the U.S., and the company’s sales reached $9.4 billion in 2021. This number showed an increase of 13% compared to 2020 as the brand recovered from the COVID-19 pandemic.
DeLuca opened the first Subway store in 1965 when he was still a teen. To start his business, he borrowed $1,000 from Peter Buck, who later became his partner and named co-founder. The business stayed a family-run restaurant, although various executives have taken over since Buck and DeLuca passed away.
Meanwhile, Reuters noted that as early as 2021, some media already reported that Subway had been preparing for possible sale, but the company denied it at that time.
Photo by: Matheus Bardemaker/Unsplash
