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Potbelly Sandwich Works is being acquired by gas station chain RaceTrac for $566 million, aiming to expand from 445 to 2,000 stores across the U.S., while maintaining its neighborhood sandwich shop experience.
RaceTrac, a convenience store operator, is acquiring sandwich chain Potbelly for $566 million, marking a rare move for a convenience store company to buy a restaurant brand outright, with the deal representing a 47% premium and potentially inspiring other convenience stores to consider restaurant acquisitions.
Potbelly, a Chicago-based sandwich chain, has been acquired by southern convenience store company RaceTrac for $566 million, ending its 12-year public trading history. The deal aims to leverage RaceTrac's resources for growth, potentially integrating Potbelly restaurants into RaceTrac stores and expanding the brand's reach, while also possibly reducing the number of standalone Potbelly locations initially. The acquisition is expected to close in the fourth quarter pending approval.
Potbelly, a sandwich chain founded in 1977 with 445 locations, is being acquired by RaceTrac for $566 million in an all-cash deal, aiming to expand Potbelly to 2,000 locations. The acquisition is part of RaceTrac's strategy to grow its brand portfolio, with the deal expected to close in Q4. Despite recent challenges like inflation and pandemic impacts, Potbelly's profits and franchise growth have been strong, making it an attractive target for expansion.
RaceTrac gas station near Georgia State University in downtown Atlanta is closing after a man was shot and killed outside the store. The decision to close was made due to safety concerns and financial impact. Atlanta police are searching for two individuals in connection to the deadly shooting, which began as a fight and escalated into gunfire. The victim was not a GSU student, and there is no information on a suspect or motive. Surveillance video from the gas station has been released, and officials are asking for the public's help in identifying the individuals involved.