Subway Says It's Exploring Selling The Sandwich Company

Subway said Tuesday that it's exploring a possible sale of the sandwich company.

Milford, Connecticut-based Subway has been privately owned since its founding in 1965. It's now one of the world's largest restaurant chains, with 37,000 outlets in more than 100 countries.

In a statement posted on its website, Subway said there is no timetable for a sale or even assurance that a sale will go through. J.P. Morgan is advising the company and will conduct the sale exploration process.

Subway has been losing market share in recent years to fast-growing rivals like Panera and Firehouse Subs, which feature more varied menus and newer stores. Subway took notice, and began a program to modernize its stores in 2017. In 2021, it refreshed its menu and upgraded ingredients; last year it introduced a line of chef-developed sandwiches.

"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 its statement.

Subway said 2022 was a record year for the brand, which has now posted eight consecutive quarters of same-store sales growth.

Peter Buck, a nuclear physicist, and Fred DeLuca co-founded the first Subway restaurant, then called "Pete's Super Submarines," in Bridgeport, Connecticut, in 1965. The eatery changed its name to Subway in 1968. DeLuca died in 2015, and Buck died in 2021.