New York (CNN) — Subway, one of the most recognized fast food brands in the world, confirmed that it is for sale.
The 58-year-old company said in a statement on Tuesday that its shareholders are “exploring a possible sale” and that it has hired JP Morgan to help carry out the process. Subway warned that “there is no indication of a time frame or guarantee that a sale will take place.” In that sense, he added he does not intend to make any further public comments until the process is complete.
The announcement comes a month after The Wall Street Journal reported the news that the chain was considering a sale. No price was announced in the Subway statement, but the newspaper said it could be valued at more than $10 billion.
If achieved, this would be one of the biggest deals in the fast food industry since Inspire Brands bought Dunkin’ for $11.3 billion in October 2020.
Fortified with a refreshed menu, store renovations and international growth, Subway has bounced back in recent years. The private company recently said that sales at its North American stores that have been open for at least a year increased 7.8% in 2022 compared to 2021, which Subway said exceeded its projections by more than $700 million ( did not disclose specific figures).
Digital growth was also a highlight for the company, with sales made through its app or third-party services doubling compared to 2021. Its international presence also grew with more than 750 restaurants opening last year, which helped its global same-store sales grow 9.2% year-over-year.
This year, new meat slicers will be rolling out at all of its stores, a radical departure from its previous method of shipping pre-sliced meat to locations.
“We were one of the few, if not the only, not slicing in the restaurant. Not only does it give the visitor a better perception of seeing the meat nice and fluffy, but we saved a lot of money since we were paying a lot of money to have it sliced,” Subway CEO John Chidsey previously told CNN.
Cost savings will be reinvested in upcoming menu changes, scheduled to launch this summer.