Subway Is Apparently Up For Sale - Here's What It Could Mean For Lunch

Subway, the established and widespread sandwich chain known globally for the absurd number of combos you can make there (and also, that one time someone found a tooth in their sandwich...) is allegedly now up for sale. The company has hired financial services company JP Morgan to assist with the process, CNN reported this week.

Founded in 1965 by Fred Deluca and Peter Buck in Bridgeport, Connecticut with just $1,000, the sandwich shop was originally called Pete's Drive-In: Super Submarines. The chain grew dramatically to have around 37,000 stores in over 100 countries. It is run under a franchise model and continues to be privately owned.

Peter Buck, the last remaining member of Subway's original founders, passed away in 2021. That change, coupled with an impressive financial turnaround, suggests that the higher-ups at Subway feel that now is the right time to explore a sale. The chain's current CEO John Chidsey, who came on board in 2019 and is the former executive chairman and chief executive of Burger King, has really driven positive growth for Subway.

Subway has made big changes, but remains tight-lipped on what is coming next

In 2021, Subway totally revamped its menu, introducing freshly cut deli meats and making overall improvements to stores and business operations. The chain has also ramped up marketing by hiring athletes like Steph Curry, Serena Williams, and Megan Rapinoe to be the faces of the new and improved menu. Subway has also been very focused on cutting costs and closing locations that were falling short. Per Insider, the sandwich company has shown eight consecutive quarters of growth, appearing to really bounce back from a pandemic slump.

Subway has not revealed a price point or really any details on what that sale could look like thus far. In the meantime, the business community is buzzing about what this sale could mean. The Wall Street Journal predicts that purchasing Subway will be attractive to both corporate buyers and private equity firms alike. They even think the sandwich chain could fetch a price tag of around $10 billion. Until then, Subway plans to work quietly alongside JP Morgan as its team explores the opportunities of a potential sale and don't intend to make any more comments until the process is over.