After nearly six decades of family ownership, global sandwich chain Subway says it is considering selling the company. For years, the company has grown rapidly, but it is now confronted with rising costs and increased competition.
Subway stated that it will not provide any further updates on the process until it is completed and did not specify how long it might take.
Earlier this month, the company reported record sales for the second year in a row. Subway reported that same-store sales increased by 9.2% in 2018 compared to 2021.
It also stated that it would “continue to execute against its multiyear transformation journey,” which includes new menu items and restaurant modernization.
In 1965, 17-year-old Fred DeLuca and his family friend Peter Buck founded Subway as Pete’s Super Submarines in Bridgeport, Connecticut.
It changed names several times before being renamed Subway in 1972.
They opened 16 sandwich shops in their home state within two years and then began franchising the brand. It now has nearly 37,000 locations in over 100 countries.
Franchisees own and operate Subway restaurants, which include thousands of entrepreneurs and small business owners.
Companies all over the world have seen rising costs for everything from food to fuel in recent months.