Subway to sell business

 

REUTERS/Thomas White Global restaurant chain Subway said on Tuesday that its shareholders plan to sell the business.   The company said in its statement that J.P. Morgan will help facilitate the potential sale, which could be worth over $10B. Subway released a statement on Tuesday saying that its shareholders are "exploring a possible sale." There is “no indication of timing or assurance that a sale will occur,” Subway said. The announcement confirms a report published in early January, in which the Wall Street Journal said that the 58-year-old company was considering a sale.  It could be the largest deal in the fast food industry since Dunkin' was sold to Inspire Brands for $11.3B in 2020. Subway's annual sales in North America rose by 7.8% in 2022, surpassing expectations by over $700M. The company opened over 750 international stores in 2022, while online sales doubled compared to 2021.