Subway has been looking for a way to possibly sell the sandwich company. Milford, Connecticut-based Subway has been privately owned since its founding in 1965. It’s now one of the world’s largest restaurant chains, with 37,000 outlets in more than 100 countries.
Subway has now stated on its website that there is no timetable for a sale or even assurance that one will take place. J.P. Morgan is advising the company and will conduct the sale exploration process.
Subway has been losing market share in recent years to fast-growing rivals like Panera and Firehouse Subs, which feature more varied menus and newer stores. Subway took notice and began a programme to modernise its stores in 2017.
In 2021, it refreshed its menu and upgraded ingredients; last year, it introduced a line of chef-developed sandwiches. Subway said 2022 was a record year for the brand, which has now posted eight consecutive quarters of same-store sales growth.