The sandwich chain Subway eyes sales source

(Reuters) – Sandwich chain Subway is exploring a sale of its business, a source told Reuters on Wednesday.

The sale could value the sandwich chain at more than $10 billion, the Wall Street Journal first reported.

The process, which is at an early stage, is expected to attract potential corporate buyers and private equity firms, the report said, adding that it is possible there will not be a sale or other deal.

“As a privately held company, we do not comment on ownership structure and business plans,” a company spokesperson told Reuters in an emailed statement.

Subway, one of the world’s largest quick service restaurant brands, has more than 37,000 restaurants in over 1[ads1]00 countries. The Milford, Conn.-based company, known for its foot-long sandwiches, has been owned by its two founders for more than five decades.

In 2021, media reports said Subway was clearing a sale, but the restaurant chain had denied it.

(Reporting by Shivani Tanna in Bengaluru and Abigail Summerville in New York; Editing by Sherry Jacob-Phillips and Dhanya Ann Thoppil)