Milford, Connecticut-based Subway has been privately owned since its founding in 1965. It is now one of many world’s largest restaurant chains, with 37,000 shops in additional than 100 nations.

In a press release posted on its web site, Subway stated there is no such thing as a timetable for a sale and even assurance {that a} sale will undergo. J.P. Morgan is advising the corporate and can conduct the sale exploration course of.

Subway has been shedding market share in recent times to fast-growing rivals like Panera and Firehouse Subs, which characteristic extra various menus and newer shops. Subway took discover, and commenced a program to modernize its shops in 2017. In 2021, it refreshed its menu and upgraded elements; final 12 months it launched a line of chef-developed sandwiches.

Subway stated 2022 was a document 12 months for the model, which has now posted eight consecutive quarters of same-store gross sales progress.