Sandwich giant Subway announced Tuesday it is considering options to sell the company.
The popular chain posted on its website that JPMorgan Chase & Co. will advise the company throughout its process, but would not give a timeline for a sale, nor would it confirm that a sale would result from the exploration process.
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.
In recent years, Subway has been losing market share due to an increase in the popularity of other sandwich chain rivals, CBS News reported. Subway took notice and began modernizing its stores in 2017. Two years ago, Subway refreshed its menu and last year, it introduced a line of chef-developed sandwiches.
However, Subway reported that 2022 was a record-setting year that exceeded global sales projections and achieved eight consecutive quarters of positive same-store sales growth.
In January, the Wall Street Journal first reported that Subway was exploring a sale, and that it could sell for close to $10 billion.
While the company explores its selling options, Subway says in its press release that the restaurant chain will continue to focus on the company’s future.
“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 release said.
The Associated Press contributed to this report.