One of the biggest restaurant brands in the world, Subway ®, revealed today that its shareholders are considering selling the business. There is neither a timeline nor a guarantee that a sale will take place. The company is seeking guidance from J.P. Morgan, who will also handle the sale exploration process. Until the procedure is finished, the corporation has no additional public comments about it planned.
The Wall Street Journal first reported that the 58-year-old chain was considering a sale one month before the announcement. Although Subway did not provide a figure, the publication reported that the company may be worth more than $10 billion.
“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,” Subway said in the release.
Since it is a privately held company, Subway is not obligated to reveal its financial information, but it has recently provided sales updates as it attempts to turn things around.
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