Subway Announces It Is Exploring A Possible Sale

Subway announced that it is considering a possible sale. The sandwich chain said that it has hired J.P. Morgan to "conduct the sale exploration process."

"There is no indication of timing or assurance that a sale will occur," the privately-owned company said in a statement.

Subway operates over 37,000 restaurants in over 100 countries around the world.

The announcement comes as Subway reported eight consecutive quarters of sales growth and boasted a 7.8% increase in same-store sales at North American locations in 2022.

That marks a sharp contrast after declining sales forced Subway to cut back and close 22% of its restaurants from 2015 to 2021.

"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 recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth," Subway said.

According to a report from the Wall Street Journal last month, if a sale does go through, Subway could sell for up to $10 billion.