Subway Is Officially On The Market, But Will It Actually Be Sold?

Back in 1965, Frank DeLuca and Dr. Peter Buck paired up with the idea of opening a sandwich shop that would help pay DeLuca's college tuition. The duo's investment paid off, and in less than 10 years, the two had expanded to 16 different locations within the state. As their brand grew, so did the need for quicker expansion, and they began to franchise their stores. Today, Subway can be found in more than 100 countries, totaling nearly 40,000 stores.

DeLuca continued to grow the business, but in 2013, he was diagnosed with leukemia and died two years later. Prior to his death, his sister, Suzanne Greco, took the company over. She retired in 2019 and was replaced by interim CEO Trevor Haynes, who was then replaced with John Chidsey, the current CEO. The chain has seen massive expansion through the years, though it has also had its share of scandals, including the drama surrounding its disgraced spokesperson, Jared Fogle, and the debate about whether its signature $5 Footlong subs were actually 12 inches.

In January 2023, The Wall Street Journal broke the news that Subway was reportedly considering a sale — that is now confirmed to be the case.

On Valentine's Day, Subway surprised its customers by announcing that it was, indeed, looking into a potential sale. The fast-casual chain released a statement reading that "its shareholders are exploring a possible sale of the company." Still, the chain added that "there is no indication of timing or assurance that a sale will occur." Essentially, Subway is exploring its options, but it doesn't mean the chain will definitely reach an agreement. Still, they have hired outside financial company J.P. Morgan to help.

The news comes on the heels of a record-breaking year for the company. In early February 2023, the brand released another statement detailing its "record sales" for the second year in a row. The brand increased its sales by 9.2% globally between 2021 and 2022 and saw a 7.8% increase in North American franchises. Plus, digital sales (such as online ordering and using the mobile app), "more than tripled" between 2019 and 2022.

The chain made it clear that no sale has been finalized and that its shareholders aren't even certain they will come away with a deal. Still, The Wall Street Journal said the sandwich giant could be worth as much as $10 billion.