MILFORD, CONN. — What started as hypothesis in a Wall Avenue Journal article has now been verified — The Subway quick-service chain is on the market. Physician’s Associates, Inc., the proprietor of the enterprise, didn’t set up a timeline for when a sale might occur, saying solely that it’ll conduct a “gross sales exploration course of.”
The disclosure the chain is on the market follows information earlier this month that the corporate exceeded its gross sales expectations throughout 2022, with same-store gross sales rising 9% when in comparison with 2021 and 29% when in comparison with 2020.
“As a part of our journey to remodel the model, we’re enhancing throughout each side of our enterprise, and, after two years of document gross sales outcomes, we will confidently say that Subway is getting its swagger again,” stated John Chidsey, chief govt officer of Subway. “Throughout each area, the staff’s efforts have set the stage for an additional yr of strategic and worthwhile progress and thrilling enhancements to our visitor expertise.”
Globally, Subway operates roughly 37,000 eating places in over 100 international locations. In North America, its largest market, the corporate has roughly 20,000 eating places.
Administration has been targeted on upgrading the chain’s menu and enhancing the way it interacts with clients. In 2021, Subway revamped its menu with the introduction of its “Eat contemporary refresh” program that included greater than 20 sandwich updates and the launch of 11 new merchandise.
In 2022, Subway outlined plans to broaden its non-traditional enterprise section. Conventional places inside this initiative included airports, faculties and hospitals. Administration sees new alternatives in comfort shops and casinos via its Seize and Go platform that launched in 2020.
The Wall Avenue Journal reported that the enterprise could also be valued at greater than $10 billion.