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February 15, 2023

Subway makes possible sale official

Contributed A Subway restaurant.
By Michelle Tuccitto Sullo, New Haven Biz

Subway formally confirmed Tuesday that it is exploring a sale of the company.

In January, the Wall Street Journal reported that the Milford-based restaurant chain was exploring a sale that could value it at more than $10 billion.

Subway on Tuesday issued a press release formally confirming that its shareholders are exploring a possible sale of the company.

“There is no indication of timing or assurance that a sale will occur,” the company said, in the announcement.

The financial services company J.P. Morgan is advising Subway on the potential sale and will handle the sale exploration process, according to Subway.

Subway indicated that it doesn’t intend to make any further public comment about the process unless and until it is 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 the announcement.

Subway recently indicated it had a record-setting year in 2022 amid its menu and restaurant transformation efforts.

Globally, the company had a 9.2% increase in same-store sales in 2022 compared to the prior year. The increase was 29.1% compared to 2020.

Subway has experienced positive reaction to its “Subway Series” line of sandwiches, 12  signature sandwiches that customers can order by name or number. At the time of the summer 2022 launch of the sandwich line, Subway called it the most significant menu update in its nearly 60-year history.

Subway has also been modernizing brick-and-mortar locations, and reports that 2,600 remodel projects were finished in 2022 alone. In 2023, there are plans to remodel an additional 3,600 locations across North America.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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