Potbelly Sandwich Shop

Last updated
Potbelly Corporation
Company type Public
Nasdaq:  PBPB
Russell 2000 Component
Industry Fast casual
FoundedJanuary 14, 1977;47 years ago (1977-01-14)
FounderBryant Keil
Headquarters The Gogo Building, 111 N. Canal Street,
Chicago, Illinois, U.S.
Number of locations
427 (as of March 28, 2024) [1]
Area served
 United States
Key people
Robert Wright (president & CEO)
Bryant Keil (founding chairman)
Products Sandwiches, salads, soups, ice cream
RevenueIncrease2.svg US$485.1 million (FY Ended 9/24/2023) [2]
Increase2.svg -US$22.49 million (FY Ended 12/26/2021) [1]
Increase2.svg -US$23.78 million (FY Ended 12/26/2021) [1]
Total assets Decrease2.svg US$253.24 million (FY Ended 12/26/2021) [1]
Total equity Decrease2.svg -US$2.42 million (FY Ended 12/26/2021) [1]
Number of employees
5,500 (As of December 26, 2021) [1]
Website potbelly.com

Potbelly Corporation, more commonly known as Potbelly Sandwich Shop or Potbelly Sandwich Works, is a publicly traded American fast-casual restaurant chain that focuses on submarine sandwiches and milkshakes. Potbelly was founded in 1977 in Chicago, [3] and its name refers to the potbelly stove. Potbelly's menu features a variety of sandwiches that are all served hot, and the menu includes soup, shakes, smoothies, potato chips and cookies. Some locations formerly presented live music from local musicians during the lunch hours. [4] [5]

Contents

History

The first Potbelly restaurant, in Lincoln Park, Chicago The Very First Potbelly.JPG
The first Potbelly restaurant, in Lincoln Park, Chicago

In 1971, Peter Hastings started an antique store, Hindsight, at 2264 North Lincoln Avenue in the Lincoln Park neighborhood of Chicago. The store had an old potbelly stove, which Hastings began using to make toasted sandwiches to serve to shoppers. In 1977, the Hindsight store was retooled into a restaurant, Potbelly Sandwich Works. [6] [7] Since 1977, Potbelly has partnered with Turano in Chicago for their bread products. [8]

In 1996, Bryant Keil purchased the original store and expanded the company, The second store was opened in 1997, and he expanded Potbelly to over 300 stores in several states and the District of Columbia. [9] [10] Investors include Maveron (Founded by Starbucks Founder, Howard Schultz) and American Securities. [11] As of August 2019, approximately 10% of the chain's 450+ locations were franchisees. [12]

In August 2013, Potbelly filed an initial public offering with US regulators to raise up to $75 million. [13] Shares in the company began trading on the NASDAQ Stock Market on October 4, 2013. The market cap shortly after the IPO was approximately $650,000,000. [14]

A view inside the first Potbelly Restaurant seating area Seating area in the very first Potbellys Restaurant.jpg
A view inside the first Potbelly Restaurant seating area

On November 5, 2007, a new Potbelly store in Glen Ellyn, Illinois, became the first to feature a drive-through. A second drive-through store was added shortly thereafter in Waukegan, Illinois. [15]

In 2011, Potbelly opened two franchise stores in Dubai in the United Arab Emirates; these are the first international Potbelly locations. [16]

Potbelly opened its first European store at Westfield Stratford City, London, in July 2015 [17] and its first Canadian store in Toronto in October 2016. [18] By August 2017, 60% of Potbelly's business came from lunch. It had 424 owned stores and 54 franchised stores. [19] Early that month, Potbelly announced it was considering putting itself for sale. [19]

In December 2017, Potbelly opened its first franchise in India with a new location in Cyber City, Gurgaon. The company signed a multi-franchise agreement with India's Kwals Group, with plans to open five franchises in the country by the end of 2018 and 20 locations over the next five years. [20]

Potbelly carries Zapp's potato chips and previously had an exclusive Zapp's brand of dill pickle chips that had the flavor of a Potbelly pickle. [21]

In July 2020, Potbelly named Robert Wright, a former executive of Wendy's, its new President and CEO. [22]

In April 2022, Potbelly entered its first delivery-based franchise partnership with REEF, the largest operator of virtual restaurants, logistics and proximity hubs in North America. [23]

Decreased sales caused by the COVID-19 pandemic resulted in nearly 30% loss in annual revenue and 28 store closures. [24] In 2022, the chain announced 19 new locations were opening which increased to 40 in October 2023. [25]

IN 2023, Potbelly announced a 22-shop agreement in the Seattle-Tacoma region. [26]

In January 2024, Potbellys unveiled redesigned Potbelly Perks loyalty program with new benefits.

Controversies

During the COVID-19 crisis, Potbelly Sandwich Shop applied for and accepted $10 million under the PPP (Paycheck Protection Program) which the United States government created for small businesses to maintain workers through the COVID-19 crisis. [27] Potbelly Sandwich Shop announced on April 25, 2020, that they would return the $10 million loan. [28]

Potbelly Sandwich Shop in downtown Portland paid almost $100,000 to fight unions. [29]

A location in Eden Prairie, Minnesota 11-16-06-EPMN-potbelly.jpg
A location in Eden Prairie, Minnesota

See also

Related Research Articles

<span class="mw-page-title-main">Taco Bell</span> American fast-food chain

Taco Bell Corp. is an American multinational chain of fast food restaurants founded in 1962 by Glen Bell (1923–2010) in Downey, California. Taco Bell is a subsidiary of Yum! Brands, Inc. The restaurants serve a variety of Mexican-inspired foods, including tacos, burritos, quesadillas, nachos, novelty, and speciality items, and a variety of "value menu" items. As of 2023, Taco Bell serves over two billion customers each year, at 8,212 restaurants, more than 94 percent of which are owned and operated by independent franchisees and licensees.

Subway IP LLC, doing business as Subway, is an American multinational fast food restaurant franchise that specializes in submarine sandwiches (subs) and wraps. It was founded by Fred DeLuca and financed by Peter Buck in 1965 as Pete's Super Submarines in Bridgeport, Connecticut. After several name changes, it was renamed Subway in 1972, and a franchise operation began in 1974 with a second restaurant in Wallingford, Connecticut. It has expanded to become a global franchise.

<span class="mw-page-title-main">Tim Hortons</span> Multinational coffeehouse and restaurant chain

Tim Hortons Inc., known colloquially as Tim's, Timmies, or Timmy's, is a Canadian multinational coffeehouse and restaurant chain with headquarters in Toronto; it serves coffee, donuts, sandwiches, breakfast egg muffins and other fast-food items. It is Canada's largest quick-service restaurant chain, with 5,701 restaurants in 13 countries, as of September 2023.

Quiz Holdings, LLC, doing business as Quiznos, is an American franchised fast-food restaurant based in Denver that specializes in offering toasted submarine sandwiches. It was founded in 1981 by Jimmy Lambatos and sold to Rick and Richard Schaden ten years later. It then grew to nearly 5,000 restaurants; by 2013, Quiznos was the second-largest submarine sandwich shop chain in North America, behind Subway. It filed for bankruptcy in 2014; by 2016, it had dropped to ninth place, and the number of Quiznos locations in the United States fell from a 2007 high of 4,700 to just 400 a decade later.

<span class="mw-page-title-main">Chick-fil-A</span> American fast food restaurant chain

Chick-fil-A, Inc. is an American fast food restaurant chain and the largest chain specializing in chicken sandwiches. Headquartered in College Park, Georgia, Chick-fil-A operates 3,059 restaurants across 48 states, as well as in the District of Columbia and Puerto Rico. The company also has operations in Canada, and previously had restaurants in the United Kingdom and South Africa. The restaurant has a breakfast menu, as well as a lunch and dinner menu. The chain also provides catering services.

<span class="mw-page-title-main">Popeyes</span> American multinational chain of fried chicken fast food restaurants

Popeyes Louisiana Kitchen, Inc., also known as Popeyes and formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits, is an American multinational chain of fried chicken restaurants formed in 1972 in New Orleans, Louisiana and headquartered in Miami. It is currently a subsidiary of Toronto-based Restaurant Brands International. As of 2021, Popeyes has 3,705 restaurants, which are located in more than 46 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About 50 locations are company-owned; the vast remainder are franchised.

<span class="mw-page-title-main">Firehouse Subs</span> US-based restaurant chain

Firehouse Restaurant Group, Inc., doing business as Firehouse Subs, is an American fast casual restaurant chain based in Jacksonville, Florida that specializes in submarine sandwiches. It was founded in 1994 by former firefighter brothers Chris and Robin Sorensen. It is a subsidiary of Restaurant Brands International, which also owns the chains Burger King, Popeyes, and Tim Hortons.

<span class="mw-page-title-main">Jimmy John's</span> American sandwich chain

Jimmy John's is an American sandwich chain, headquartered in Champaign, Illinois. The business was founded by Jimmy John Liautaud in 1983. After Liautaud graduated from high school, his father gave him a choice to either join the military or start a business. Liautaud decided to start a hot dog business, which changed to sandwiches due to costs.

<span class="mw-page-title-main">D'Angelo Grilled Sandwiches</span> American sandwich restaurant chain

D'Angelo Grilled Sandwiches is a chain of 83 neighborhood-style sandwich shops found in Massachusetts, New Hampshire, Maine, Rhode Island, and Connecticut. D'Angelo Grilled Sandwiches was founded in Dedham, Massachusetts in 1967. It serves various kinds of grilled and deli sandwiches, rice and grain bowls, lobster rolls, grilled topped salads, wraps, and hot soups. The company's grilled sandwich Number 9 was called "the finest fast-food sandwich in the land" in a Bloomberg News column.

<span class="mw-page-title-main">Blimpie</span> American submarine sandwich chain

Blimpie International, Inc., doing business as Blimpie, is an American submarine sandwich chain based in Scottsdale, Arizona. It was founded in Hoboken, New Jersey, in 1964, by three friends, and has since endured three ownership changes.

<span class="mw-page-title-main">Maid-Rite</span>

Maid-Rite is an American casual dining franchise restaurant chain. Before it became a restaurant chain, it was a single restaurant, opened in 1926 by Fred Angell. By the end of the 1920s, four franchises were granted; these four restaurants are still in operation.

<span class="mw-page-title-main">Chock full o'Nuts</span> American coffee brand

Chock full o'Nuts is an American brand of coffee that originated from a chain of New York City coffee shops.

<span class="mw-page-title-main">Frisch's</span> American restaurant chain

Frisch's Restaurants, Inc., doing business as Frisch's Big Boy, is a regional Big Boy restaurant chain with headquarters in Cincinnati, Ohio. For many years a Big Boy franchisee, in 2001, Frisch's became the exclusive owner of the Big Boy trademark in Indiana, Kentucky, and most of Ohio and Tennessee, and is no longer affiliated with Big Boy Restaurant Group. As of April 2024, the company operates 85 locations in Indiana, Kentucky, and Ohio. This included multiple Big Boy stores in Cincinnati and Dayton, Ohio. Frisch's is the oldest, longest surviving, and largest regional Big Boy operator, excluding Bob's Big Boy in California, which was the original Big Boy restaurant and franchiser. The last new Frisch's opened in Dry Ridge Kentucky in 2019. Many stores closed afterwards, likely due to rising supply chain costs and workforce issues.

<span class="mw-page-title-main">Amato's</span> New England sandwich shop chain

Amato's Sandwich Shops, Inc., is a chain of Italian restaurants that serves sandwiches, pizza and pasta throughout northern New England, United States. Founded in 1902 by Giovanni Amato, Amato's currently operates 44 stores. Recent expansion has been in the form of franchising. The company also cans its pasta and pizza sauces for sale in Hannaford supermarkets.

<span class="mw-page-title-main">Tubby's</span> American restaurant chain and franchise

Tubby's is an American restaurant chain and franchise based in Clinton Township, Michigan, a suburb of Detroit, Michigan. Founded in 1968 in nearby St. Clair Shores, the chain operates more than 70 stores throughout Michigan, primarily in the Detroit metropolitan area. The chain primarily serves submarine sandwiches and salads, own specific chips, along with soft drinks, french fries and soup, and is known for its grilled subs.

<span class="mw-page-title-main">H. Salt Esq. Fish & Chips</span> American fish and chips restaurant chain

H. Salt Esq. Fish & Chips is a restaurant chain specializing in British-style fish and chips, founded by Haddon Salt in Sausalito, California, in 1965. Salt followed his father and grandfather in becoming a master fish cook and entrepreneur.

<span class="mw-page-title-main">Duck Donuts</span> American donut company

Duck Donuts is an American doughnut shop chain based in Mechanicsburg, Pennsylvania. Duck Donuts was founded in 2006 in Duck, North Carolina, by Russ DiGilio and Robin Griffith, and has since expanded to over 100 locations in the United States. The chain's products include customizable, made-to-order doughnuts, other baked goods, and a range of beverages.

<span class="mw-page-title-main">Joe & The Juice</span> Chain of juice bars and coffee shops

Joe & The Juice is a Danish chain of juice bars and coffee shops around the world. As of 2022 it has over 338 locations globally in Europe, Asia, and Australia with 64 locations in North America. The restaurants serve predominantly coffee, juice, and sandwiches. Their tunacado sandwich went viral in 2023.

<span class="mw-page-title-main">Dave's Hot Chicken</span> Nashville-style fried chicken restaurant chain

Dave's Hot Chicken is an American fast casual restaurant chain specializing in Nashville-style hot chicken.

References

  1. 1 2 3 4 5 6 "Number of Potbelly Sandwich Shop locations in the USA in 2024". March 28, 204. Retrieved June 16, 2024.
  2. ↑ "Potbelly Revenue 2010-2023 - Stock Analysis". February 29, 2024. Retrieved November 2, 2022.
  3. ↑ "Frequently Asked Questions Archived 2010-03-08 at the Wayback Machine ." Potbelly Sandwich Shop. Retrieved on February 24, 2010.
  4. ↑ "A Lively Lunch | Plymouth". Community Life Magazine. Retrieved 22 July 2019.
  5. ↑ "6 Things You Didn't Know About Potbelly Sandwich Works". The Daily Meal. September 5, 2014. Retrieved February 9, 2018.
  6. ↑ "Potbelly", Red Lion Data.
  7. ↑ "The Untold Truth of Potbelly", Mashed.
  8. ↑ "Potbelly sandwich chain builds upon its bread | Snack Food & Wholesale Bakery". www.snackandbakery.com. Retrieved 2024-07-01.
  9. ↑ Blessing, Anna H. (September 13, 2004). "Bob Schwartz: Potbelly's district manager is on the fast track, works with 'the people' to employ corporate standards". Nation's Restaurant News. Retrieved June 29, 2011.
  10. ↑ "Timeline". Potbelly Sandwich Shop. Archived from the original on 23 February 2014. Retrieved 20 February 2014.
  11. ↑ "ZEPHYR – Bureau van Dijk". zephyr2.bvdep.com. Retrieved 22 June 2018.
  12. ↑ "Entrepreneur". entrepreneur.com. Retrieved 23 April 2020.
  13. ↑ Avik Das (29 August 2013). "Sandwich maker Potbelly files for IPO of up to $75 million". Reuters. Archived from the original on 24 September 2015. Retrieved 1 July 2017.
  14. ↑ "Potbelly Corporation Announces Pricing of Its Initial Public Offering" . Retrieved 22 July 2019.
  15. ↑ "Economic Files of Potbelly" (PDF). Retrieved 22 July 2019.
  16. ↑ "Potbelly (US) Opens in Dubai – 07 Mar 2011". www.worldfranchiseassociates.com. Retrieved 22 July 2019.
  17. ↑ Murphy-Bates, Sebastian (2015-05-23). "Stratford to welcome first Potbelly in Europe". Newham Recorder . Retrieved 2015-07-28.
  18. ↑ "Toronto Restaurant Openings: Harry's, Potbelly Sandwich Shop, Montaditos, Matcha Tea Dessert". Blogto.com. 2016-10-13. Retrieved 2018-02-09.
  19. 1 2 Jargon, Julie; Hufford, Austen (August 4, 2017). "Sandwich Maker Potbelly Hangs 'For Sale' Sign". The Wall Street Journal . New York City, New York, United States. Retrieved August 10, 2017.
  20. ↑ "First Potbelly Sandwich Shop Opens in India" . Retrieved 22 June 2018.
  21. ↑ "Potbelly Sandwich Shop Introduces New Cuban Sandwich For A Limited Time". Restaurant News. May 9, 2018. Retrieved April 8, 2022. Exclusive to Potbelly, Zapp's Dill Pickle Chips combine classic crunchy chips with the flavor of a Potbelly pickle.
  22. ↑ Lalley, Heather (July 20, 2020). "Potbelly names former Wendy's exec Robert Wright as president and CEO". Restaurant Business. Retrieved 2022-06-16.
  23. ↑ "Potbelly initiates virtual restaurant partnership with Reef". Nation's Restaurant News. 2022-04-27. Retrieved 2022-06-16.
  24. ↑ "Inside Potbelly's Comeback, from Potential to Powerhouse". QSR. 2022-04-27. Retrieved 2024-02-29.
  25. ↑ "Potbelly Sandwich Shop Is Opening a Whopping 40 New Restaurants". Eat This, Not That!. 2024-04-27. Retrieved 2024-02-29.
  26. ↑ "Potbelly announces 22-shop agreement in Seattle-Tacoma region". Nation's Restaurant News. 2023-11-15. Retrieved 2024-07-01.
  27. ↑ "OREGONLIVE – Associated Press". oregonlive.com. 20 April 2020. Retrieved 23 April 2020.
  28. ↑ Miller, Hannah. "Potbelly says it will return $10 million small business loan, following others after outrage". CNBC. Retrieved 28 April 2020.
  29. ↑ Gruben, Mallory (2024-04-03). "Potbelly Sandwich spent $100k to fight union". NW Labor Press. Retrieved 2024-07-01.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.