PBPB - Potbelly outlines expansion in New York City

2023-03-13 10:05:08 ET

Potbelly Corporation ( NASDAQ: PBPB ) announced a plan to expand its footprint in New York City on Monday.

The Chicago-based sandwich chain said that it has entered into an agreement for multi-unit development for 13 new shops over the next eight years, and the re-franchise of 8 stores.

“I am excited to announce Potbelly’s expansion in New York City, one of the premier markets in the U.S., and that this expansion includes our first refranchise transaction,” CEO Bob Wright said. “This agreement marks an important milestone for our Franchise Growth Acceleration Initiative as we expand Potbelly’s footprint across the country.”

Per the terms, franchise group United One Group acquired the 8 existing Potbelly locations in New York City  and committed to developing 13 new shops over the next 8 years.

Potbelly aims to reach a total footprint of 2,000 units, with at least 85% of those being franchised shops, by 2033. About 25% of its company owned shops are also slated to be refranchised.

Read more on Potbelly’s latest earnings results .

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