Subway has announced that its shareholders are exploring a possible sale of the sandwich chain which is currently privately owned by its two founding families.
In a statement, the American quick-service restaurant franchise known for its submarine sandwiches said there was no indication of timing or assurance that a sale will occur.
JP Morgan is advising the company and will conduct the sale exploration process, Subway said.
READ: Subway eyeing tasty US$10bn sale, according to Wall Street Journal
The company said it does not intend to make any further public comment regarding the process until it has been completed.
“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 statement.
The company also noted that it recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth.
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