Sandwich giant Subway reported to be exploring sale
First reported in The Wall Street Journal the sandwich chain is said to be exploring a sale of the business after 60 years.
The company is a global operation with more than 37,000 outlets in over 100 countries. The business has an estimated value of $10 billion.
Subway said JP Morgan was advising it on the process, which it emphasised was still at an exploratory stage with no timings attached.
The business was started by Fred DeLuca at the age of 17 together his family friend, Peter Buck when it opened as Pete’s Super Submarines in Bridgeport in Connecticut.
The financial press reports that Subway has faced, alongside other sandwich chains, mounting costs and increasing competition.