Potbelly Announces 22-Shop Agreement in Seattle-Tacoma Region
2023年11月15日 - 11:01PM
Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood
sandwich shop, today announced the completion of a deal that will
expand the company’s presence in the greater Seattle-Tacoma region
of Washington state. As the company continues to execute its
long-term growth strategy, with franchise deals underway across the
U.S., this agreement will increase the total number of shops in the
area to 22 in partnership with Sound Sandwich LLC, a locally based,
experienced franchisee.
The agreement includes the transfer of ownership of nine
existing restaurants. Additionally, the franchisee will develop 13
new units in King, Pierce, and Thurston counties over the next
eight years. “We’re
thrilled to put the Potbelly experience within the reach of more
people in the Seattle-Tacoma region,” said Bob Wright, President
and CEO of Potbelly. “This is a market that performs well but is
significantly underpenetrated right now. We see tremendous
whitespace for our brand and look forward to supporting our
franchisee as they open the doors to new shops in the years
ahead.”
Sound Sandwich LLC is led by experienced franchisee partners,
with deep knowledge and expertise owning, operating, and developing
a portfolio of multi-unit, interstate operations, including hotels,
travel centers, and restaurants. Their business model is centered
around singular brand focus, people-centric operations, and growth
informed by actionable data.
“It’s always a pleasure working with proven franchisees that
share our excitement and vision for the Potbelly brand,” said
Lynette McKee, Senior Vice President of Franchising at Potbelly.
“We are excited about the great potential this agreement offers us,
and we look forward to working closely with such a fantastic
partner to continue our growth momentum in Washington state.”
As part of Potbelly’s ongoing Franchise Growth Acceleration
Initiative, the company has a long-term goal of reaching 2,000
shops, with at least 85% of those locations being franchised.
You can learn more about franchise opportunities with Potbelly
at https://www.potbelly.com/franchising-why-potbelly.
About PotbellyPotbelly Corporation is a
neighborhood sandwich concept that has been feeding customers’
smiles with warm, toasty sandwiches, signature salads, hand-dipped
shakes and other fresh menu items, customized just the way
customers want them, for more than 40 years. Potbelly promises
Fresh, Fast & Friendly service in an environment that reflects
the local neighborhood. Since opening its first shop in Chicago in
1977, Potbelly has expanded to neighborhoods across the country -
with approximately 425 shops in the United States including
approximately 75 franchised shops in the United States. For more
information, please visit our website at www.potbelly.com.
Forward Looking StatementsThis press release
may contain statements that might be considered forward-looking
statements or predictions of future operations including with
respect to the shop development agreement, the franchise partner’s
ability to benefit Potbelly, Potbelly’s growth momentum and
performance within Washington state and Potbelly’s ability to
successfully execute on its Franchise Growth Acceleration
Initiative. Such statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are based on management’s belief or interpretation of
information currently available. These statements and assumptions
involve certain risks and uncertainties. Actual events may also
differ from these expectations as a result of the risks identified
from time to time in our filings with the Securities and Exchange
Commission. We assume no duty to update these statements as of any
future date.
Investor Contact:Jeff
PriesterICRinvestor@potbelly.com
Media
Contact:ICRPotbellyPR@icrinc.com
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