- Subway said Tuesday that it is exploring a sale of the chain.
- Last month the WSJ said Subway was up for sale in a deal that could fetch more than $10 billion.
Subway said Tuesday that it's exploring a possible sale of the company.
"There is no indication of timing or assurance that a sale will occur," the sandwich chain said in a brief statement. "J.P. Morgan is advising the company and will conduct the sale exploration process."
The company declined to comment further.
Last month, the Wall Street Journal said Subway was exploring a sale that could value the sandwich chain at more than $10 billion.
The decision comes a little more than a year after the company's last surviving founder, Peter Buck, died in 2021. Subway is privately owned by its two founding families. In late January, Subway's late cofounder, Buck, gave his 50% stake in Subway to his foundation, where his two sons work.
Subway, one of the world's largest franchises, is currently undergoing a revamp under CEO John Chidsey.
Over the last several years, the company has faced slumping sales, closing stores, and accusations that its tuna isn't actually tuna after The New York Times published a report stating that it found no tuna DNA in Subway's tuna sandwiches.
The privately-held company recently gave a business update, reporting eight consecutive quarters of positive same-store sales growth. Same-store sales are indicator of a chain's financial health.
In 2021, the company said it kicked off an ambitious menu overhaul, with "improvements to almost every core menu item."
As part of Subway's ongoing menu revamp, the chain is rolling out deli meat slicers later this year to restaurants across the US. The slicers are expected to elevate the quality of the chain's protein offerings, a spokesperson told Insider.
"Our goal is to have freshly sliced meats in all U.S. restaurants by summer 2023," the spokesperson said.