One year after the death of Peter Buck, the founder of Subway, the sandwich chain is now looking into selling the family business. Read to know more.
Is Subway up for sale?
More than a year after the founder’s death, Subway is probing into the possibility of selling the 60-year-old family business. The sandwich chain with tens of thousands of outlets across the world is valued at over $10 billion. As per a Wall Street Journal report, the soaring costs pose a challenge in sustaining business. Hence, to help the chain, JP Morgan, the Investment banking giant is advising the business.
While there is no official information on the potential sale, Subway will be providing updates once the process is complete. For the second year in a row of record sales, the fast-food chain noted a rise of 9.2 percent in 2022, compared to 2021.
Subway has approximately 37,000 stores across over 100 nations
First established in 1965 in Bridgeport, Connecticut the chain was known as Pete’s Super Submarines. The current name was settled upon in 1972 following several attempts at renaming. (https://ironman.greaterzion.com/) 17-year-old Fred DeLuca and Peter Buck, his family friend first began the business. They started franchising their business after opening 126 stores across the state of Connecticut in under two years. Currently, the chain has approximately 37,000 stores across over 100 nations. Moreover, the franchisees are entrepreneurs and small company owners who own and run Subway stores across the world.