On February 14, popular sandwich chain Subway stated that it was exploring a possible sale of business since it was facing surging costs and shooting competition from deeper-pocketed rivals. As per The Wall Street Journal (WSJ), there was a potential sale in the previous month that could value Subway at over $10 billion. Image credits: Subway
Fred DeLuca founded the company in 1965 at the age of 17, with a family friend named Peter Buck. It is now owned by the founding families since the chain first opened as "Pete's Super Submarines" in Bridgeport, Connecticut. Image Credits: Subway
Subway took a decision to overhaul its menu in the year 2021, and thus pour money into marketing, in an attempt to bring back customers. They did this with their new sandwiches amidst high competition from Popeyes and Chick-fil-A. Image Credits: Subway
On February 14, Subway stated that JP Morgan was advising the company and will also conduct the process for sale exploration. No indicated timing or the assurance of the sale was mentioned, it added. Image Credits: Subway
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