The deal is expected to be worth more than $10 billion.
Fast food giant Subway continues to explore the sale of its business. The deal is expected to be worth more than $10 billion. The Connecticut-based company is being advised by JPMorgan, which is exploring different scenarios and will lead the possible sale process.
Subway said it was pursuing a multi-year plan to transform the business with menu innovation, restaurant upgrades and improved customer service.
As of early 2023, the company has more than 37,000 restaurants under management with locations in more than 100 countries. In recent years, Subway has disclosed financial and operating figures while in recovery. In 2022, revenue in comparable restaurants increased by 9.2% to a record high. In the US and Canada, the company managed to increase the figure by 7.8% and reached a ten-year record.
Sales at Subway have grown for eight consecutive quarters after years of decline. Meanwhile, revenue from the company's digital businesses has more than tripled since 2019. It's all happening against a backdrop of transformation, with the company closing more than 20% of its locations in six years. Subway plans to upgrade 3,600 restaurants in the US and Canada in 2023.