Sandwich chain Subway to explore sale

Sandwich chain Subway said on Tuesday that it was exploring a possible sale of the company.

The company said J.P. Morgan is advising and will conduct the sale exploration process.

The sandwich chain, which is one of the world's largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries and has been owned by its two founding families for more than five decades.

Also Read: Subway eyeing potential sale that might value them over $10 billion

In 2021, it denied media reports that the restaurant chain was tidying itself up for a sale.

In 2021, Subway had decided to overhaul its menu and pour more money into marketing in a bid to win back customers with its new sandwiches amid stiff competition from Popeyes and Chick-fil-A.

Subway said there was no indication of timing or assurance that a sale will occur. (Reporting by Ananya Mariam Rajesh and Granth Vanaik in Bengaluru; Editing by Devika Syamnath)