Sandwich shop chain Subway said Tuesday its shareholders are exploring a possible sale of the company. Subway has retained JP Morgan to advise on the process, but said there are no guarantees that a sale will occur. “The company does not intend to make any further public comment regarding the process until it has been completed,” it said in a statement. The news comes after a Wall Street Journal report last month that the company based in Milford, Connecticut, was seeking a deal that could value the company at more than $10 billion. Subway has been owned by its two founding families for more than five decades. It had about 37,000 outlets worldwide as of 2021, with some 21,000 of those based in the U.S., the paper reported. That makes it the largest U.S. restaurant chain measured by locations.
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