(Reuters) – Sandwich chain Subway said on Tuesday that it was exploring a possible sale of the company.
The company said J.P. Morgan is advising and will conduct the sale exploration process.
The sandwich chain, which is one of the world’s largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries and has been owned by its two founding families for more than five decades.
In 2021, it denied media reports that the restaurant chain was tidying itself up for a sale.
In 2021, Subway had decided to overhaul its menu and pour more money into marketing in a bid to win back customers with its new sandwiches amid stiff competition from Popeyes and Chick-fil-A.
Subway said there was no indication of timing or assurance that a sale will occur.
(Reporting by Ananya Mariam Rajesh and Granth Vanaik in Bengaluru; Editing by Devika Syamnath)
