This story was originally posted on MyNorthwest.com
Popular sandwich chain Potbelly will soon have a new owner.
Gas station and convenience store chain RaceTrac is acquiring Potbelly for $566 million, according to RaceTrac’s website.
The merger is expected to close by the end of this year.
RaceTrac, based in Atlanta, currently operates more than 800 convenience stores across 14 states, offering fuel, freshly brewed coffee, and a selection of food and beverages. It has been in operation since 1934 and employs more than 10,000 workers.
Potbelly currently has around 445 shops, but RaceTrac aims to achieve the franchise’s goal of having 2,000 shops nationwide.
“RaceTrac’s strategic vision, including their commitment to quality, align perfectly with our mission to delight customers with great food and good vibes,” Bob Wright, President and CEO of Potbelly, stated in a news release.
Potbelly’s shares jump 31%
The announcement is already making waves, as Potbelly’s shares jumped more than 31% in afternoon trading, The Associated Press reported.
Potbelly’s second-quarter same-store sales, ending June 29, rose 3%, outperforming the national average, which declined 1%.
The sandwich chain started as a single shop in Chicago in 1977, according to its website. It’s known for its signature oven-toasted sandwiches, hand-dipped milkshakes, and friendly atmosphere.
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