 | |
| Company type | Public |
|---|---|
| Nasdaq: PBPB Russell 2000 Component | |
| Industry | Fast casual |
| Founded | January 14, 1977; 48 years ago (1977-01-14) |
| Founder | Bryant Keil |
| Headquarters | The Gogo Building, 111 N. Canal Street, Chicago, Illinois, U.S. |
Number of locations | 445 (as of Feb 12, 2024)[1] |
Area served | United States |
Key people | Robert Wright (president &CEO) Bryant Keil (foundingchairman) |
| Products | Sandwiches,salads,soups,ice cream |
| Revenue |  US$485.1 million(FY Ended 9/24/2023)[2] |
| -US$22.49 million(FY Ended 12/26/2021)[1] | |
| -US$23.78 million(FY Ended 12/26/2021)[1] | |
| Total assets |  US$253.24 million(FY Ended 12/26/2021)[1] |
| Total equity | -US$2.42 million(FY Ended 12/26/2021)[1] |
Number of employees | 5,500(As of December 26, 2021)[1] |
| Website | potbelly |
Potbelly Corporation, more commonly known asPotbelly Sandwich Shop orPotbelly Sandwich Works, is a publicly traded American fast-casualrestaurant chain that focuses onsubmarine sandwiches andmilkshakes. Potbelly was founded in 1977 inChicago,[3] and its name refers to thepotbelly stove. Potbelly's menu features a variety of sandwiches, many 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]
In 1971, Peter Hastings started anantique store, Hindsight, at 2264 North Lincoln Avenue in theLincoln 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 theDistrict of Columbia.[9][10] Investors includeMaveron (Founded byStarbucks Founder,Howard Schultz) andAmerican Securities.[11] As of August 2019, approximately 10% of the chain's 450+ locations were franchisees.[12]
On November 5, 2007, a new Potbelly store inGlen Ellyn, Illinois became the first to feature adrive-through. A second drive-through store was added shortly thereafter inWaukegan, Illinois.[13]
In 2011, Potbelly opened two franchise stores inDubai in theUnited Arab Emirates; these are the first international Potbelly locations.[14]
In August 2013, Potbelly filed aninitial public offering with US regulators to raise up to $75 million.[15] Shares in the company began trading on theNASDAQ Stock Market on October 4, 2013. The market cap shortly after the IPO was approximately $650,000,000.[16]
Potbelly opened its first European store atWestfield 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 inIndia with a new location inCyber 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 carriesZapp'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 ofWendy'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 theCOVID-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, the firm unveiled a redesigned Potbelly Perks loyalty program with new benefits.[citation needed]
In September 2025, it was announced that Potbelly would be acquired by convenience store operatorRaceTrac for $566 million.[27] In October, it was reported that the transaction had been completed.[28]
During theCOVID-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.[29] Potbelly Sandwich Shop announced on April 25, 2020, that they would return the $10 million loan.[30]
Potbelly Sandwich Shop in downtown Portland paid almost $100,000 to fight unions.[31]
Exclusive to Potbelly, Zapp's Dill Pickle Chips combine classic crunchy chips with the flavor of a Potbelly pickle.
