NEW YORK - You’d be amazed at how many times Subway has been a topic of conversation here at the ANUK headquarters—what can we say? We love a good sandwich. Now, the foodservice ace has popped up on our radars again, this time confirming it is now up for sale. As it pursues this deal, the company also announced that new meat slicers will roll out at all of its stores.
“We were one of the few, if only, sub shop that didn’t slice in restaurant [sic]. Not only does it give the guest a better perception of seeing the nice, fluffy meat, but we save a lot of money since we were paying a lot of money to have it sliced upstream,” Subway Chief Executive Officer John Chidsey previously told CNN.
According to the source, Subway shareholders are exploring a possible sale of the company and have hired J.P. Morgan to help conduct the process. As the company noted, there is currently “no indication of timing or assurance that a sale will occur,” and Subway doesn’t intend to make any further public comments until the process is finished.
The Wall Street Journal originally broke the news that the 58-year-old chain was exploring a sale, stating that the foodservice chain could be valued at more than $10 billion. The company recently reported that sales at its North America stores open at least a year rose 7.8 percent last year compared to 2021, exceeding its projections by more than $700 million.
Subway has been on the rebound in recent years, supported by a revamped menu, international growth, and store renovations.
The industry has witnessed increased consolidation at the retail level, and this sale might signify a similar change in the foodservice sector. We will be watching closely to see how this potential transition could impact the fresh produce space.
AndNowUKnow will continue to report on this strategy as more details come to light, so stay tuned.
