Potbelly Sandwich Works

Potbelly Corporation
Public
Traded as NASDAQ: PBPB
Russell 2000 Component
Industry Fast casual
Founded 1977 (1977)
Founder Peter Hastings
Headquarters River Center 111. N.Canal Street, Chicago, Illinois, U.S.
Number of locations
 413
Key people
 Alan Johnson,
Chairman & CEO
Bryant Keil,
Founding Chairman
Products Sandwiches, salads, soups, ice cream
Revenue Increase$372.8 million (2015) [1]
Increase$9.429 million (2015) [1]
Increase$5.628 million (2015) [1]
Number of employees
 7,000 [2]
Website potbelly.com

Potbelly Corporation is a publicly traded restaurant chain that sells submarine sandwiches and other food in the United States, United Kingdom, United Arab Emirates, Canada and India. The company is headquartered at the River Center at 111 N. Canal Street, in Chicago, Illinois.[3]

History

Founding and growth

The first Potbelly Restaurant, in Lincoln Park, Chicago.

Potbelly Sandwich Shop is a sandwich and food store that was founded in 1977 by Peter Hastings. The original store is located at 2264 North Lincoln Avenue in Chicago, in a retail space that was previously an antique store called Hindsight, also owned by Hastings. Many of the items that decorated the restaurant were taken from the former antique store including the namesake Potbelly stove.[4] In 1996, Bryant Keil purchased the original store. Keil quickly 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.,[5][6] Investors include Maveron (Founded by Starbucks Founder, Howard Schultz) and American Securities.[7]

IPO

In August 2013, Potbelly filed an IPO with US regulators to raise up to $75 million.[8] Shares in the company began trading on the NASDAQ Stock Market on October 4, 2013.

Expansion

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.

In 2011, Potbelly opened two franchise stores in Dubai in the United Arab Emirates; these are the first international Potbelly locations. Additionally, Potbelly has the most corporate owned sandwich stores in the US.

Potbelly opened its first European store at Westfield Stratford City, London, in July 2015 [9] and its first Canadian store in Toronto in October 2016.[10] By August 2017, 60% of Potbelly’s business came from lunch. It had 424 owned stores and 54 franchised stores.[11] Early that month, Potbelly announced it was considering putting itself for sale.[11]

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.[12]

A location in Eden Prairie, Minnesota

Potbelly's menu features a variety of sandwiches that are all served hot. Potbelly began offering salads in February 2007, and the menu also includes soup, shakes, malts, smoothies, and cookies.

Live music

Many restaurants include live music from local musicians during the lunch hours.[13]

See also

References

  1. 1 2 3 "PBPB Income Statement | Potbelly Corporation Stock - Yahoo Finance". Finance.yahoo.com. Retrieved 2018-02-09.
  2. ↑ "PBPB Profile | Potbelly Corporation Stock - Yahoo Finance". Finance.yahoo.com. Retrieved 2018-02-09.
  3. ↑ "Frequently Asked Questions Archived 2010-03-08 at the Wayback Machine.." Potbelly Sandwich Shop. Retrieved on February 24, 2010.
  4. ↑ "Our Story". Potbelly Sandwich Shop. Retrieved 20 February 2014.
  5. ↑ 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.
  6. ↑ "Timeline". Potbelly Sandwich Shop. Retrieved 20 February 2014.
  7. ↑ "ZEPHYR - Bureau van Dijk". zephyr2.bvdep.com. Retrieved 22 June 2018.
  8. ↑ Avik Das (29 August 2013). "Sandwich maker Potbelly files for IPO of up to $75 million". Reuters.
  9. ↑ Murphy-Bates, Sebastian (2015-05-23). "Stratford to welcome first Potbelly in Europe". Newham Recorder. Retrieved 2015-07-28.
  10. ↑ "Toronto Restaurant Openings: Harry's, Potbelly Sandwich Shop, Montaditos, Matcha Tea Dessert". Blogto.com. 2016-10-13. Retrieved 2018-02-09.
  11. 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.
  12. ↑ "First Potbelly Sandwich Shop Opens in India". Retrieved 22 June 2018.
  13. ↑ "6 Things You Didn't Know About Potbelly Sandwich Works". The Daily Meal. September 5, 2014. Retrieved February 9, 2018.
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