RaceTrac: Don't expect a Potbelly in every convenience store
RaceTrac's acquisition of Potbelly Sandwich Shop does not mean a Potbelly will be added to every RaceTrac convenience store. While the companies are exploring pilot locations in areas with customer base overlap, the primary goal for RaceTrac is to diversify its business and for Potbelly to grow to 2,000 locations over the next decade through various formats. The acquisition also aims to leverage purchasing power, customer data, and aligned company cultures for mutual benefit.
Menu Tracker: New items from Starbucks, Potbelly, and Shake Shack
This "Menu Tracker" article details new menu items from various restaurant chains, with a primary focus on Valentine's Day promotions. Starbucks, Potbelly, and Shake Shack are highlighted, alongside other brands like McAlister’s Deli, Baskin-Robbins, and Fatburger. The report also notes emerging food trends like pickle-themed items and mixed wing sauces.
Potbelly Brings Back Golden-Brown Toffee Goodness
Potbelly Sandwich Works is bringing back its Toffee Butter Brickle Cookie for a limited time, starting February 9th. This beloved chewy, buttery treat, featuring crunchy toffee pieces, was a fan favorite upon its debut last year. Baked fresh daily in-shop, the cookie is noted for its unique flavor and texture, reinforcing Potbelly's commitment to quality baked goods.
Another Year Toastier! Potbelly Celebrates 49 Years with a Birthday BOGO Offer
Potbelly is celebrating its 49th anniversary with a special Birthday BOGO offer on January 14, 2026. Customers can get a free Original sandwich or wrap with the purchase of any Original or BIG sandwich or wrap when ordering through the Potbelly App or Online using promo code BOGO. This annual tradition is a thank you to their loyal customers and communities as they approach their 50th year.
Potbelly Sandwich Shop Opens Latest Location at Akron Children’s Hospital
Potbelly Sandwich Shop has opened a new location at Akron Children's Hospital, aiming to provide comforting meals to patients, guests, and staff. Operated by Michael Folino, Director of Support Services, the shop offers signature sandwiches, salads, cookies, and shakes. This opening highlights Potbelly's ability to adapt its flexible store design and efficient operations model to non-traditional settings.
Potbelly adding 50 locations in 2026
Potbelly Sandwich Works plans to open 50 new locations in 2026, pushing the chain past 500 stores towards a long-term goal of 2,000 units. This expansion follows 30 shop openings in 2025 and is bolstered by the company's acquisition by RaceTrac, Inc. Potbelly's growth strategy heavily relies on franchise development, with existing owners driving approximately 70% of new shop growth.
RaceTrac Wraps Up Potbelly Acquisition
RaceTrac Inc. has finalized its acquisition of Potbelly Corp. in a $566 million deal, expanding its portfolio to include more than 445 sandwich shops and Potbelly's franchise development platform with a goal of reaching 2,000 locations. RaceTrac's CEO Natalie Morhous emphasizes that this acquisition blends fast-casual expertise with their existing growth strategy. Potbelly's CEO Bob Wright will remain with the company through the end of the year, with Adam Noyes stepping in as president to lead the brand's growth under RaceTrac's ownership.
Federal shutdown, Potbelly wraps, Pizza Hut UK insolvency
This article covers three main restaurant industry news items: the impact of an ongoing federal government shutdown on D.C.-area restaurant chains like CAVA and Sweetgreen, Potbelly's new protein-packed wraps, and the insolvency of Pizza Hut's UK franchisee, DC London Pie Limited, leading to 68 restaurant closures. The federal shutdown is expected to negatively affect sales projections, while Potbelly hopes to capitalize on consumer demand for high-protein options, and Pizza Hut's parent company works to keep some UK locations open.
RaceTrac closes on $566M Potbelly deal
Convenience retailer RaceTrac Inc. has completed its $566 million acquisition of Potbelly Corp., incorporating over 445 sandwich shops into its portfolio. This strategic move aims to combine the strengths of both brands in real estate, franchising, and innovation to drive growth, with Potbelly's COO, Adam Noyes, becoming president. The acquisition expands RaceTrac's presence in the retail landscape and sets Potbelly on a path toward its goal of 2,000 shops.
RaceTrac completes acquisition of Potbelly Corporation
RaceTrac has finalized its acquisition of Potbelly Corporation, bringing the sandwich chain and its 445+ stores under the RaceTrac umbrella. Potbelly will maintain its brand and menu, leveraging RaceTrac's scale in real estate, operations, food innovation, and marketing to support its goal of opening 2,000 shops nationwide. Adam Noyes is now Potbelly's president, with former CEO Bob Wright assisting the transition until the end of 2025.
RaceTrac spent millions to buy sandwich chain Potbelly. What comes next?
RaceTrac, an Atlanta-based convenience retailer, finalized its $566 million acquisition of Potbelly Corp., a Chicago-based sandwich chain, taking the company private. This move is part of RaceTrac's strategy to expand its food offerings beyond gas and convenience items, with both brands expected to coexist and grow. Potbelly plans significant expansion, looking to open up to 30 new restaurants in the Atlanta area and 15 locations nationwide within the next two years.
Potbelly Corp Announces Board and Executive Changes Following Merger
Potbelly Corp has announced significant changes to its board and executive team effective October 23, 2025, following a merger. Several directors resigned, and new appointments, including Natalie Morhous, Malanie Isbill, and Adam Noyes, were made. Robert D. Wright resigned as President and Director but continues as CEO.
RaceTrac Completes Acquisition of Potbelly Corporation
RaceTrac, Inc. has officially completed its acquisition of Potbelly Corporation, a deal previously announced in September. This strategic move integrates Potbelly's 445+ sandwich shops into RaceTrac's portfolio, aiming for significant growth. Adam Noyes has been appointed President of Potbelly, while Bob Wright remains CEO until year-end, leading the brand into an "exciting new chapter."
$566M Deal: Convenience Store Giant RaceTrac Acquires Potbelly's 445 Sandwich Shops in Major Expansion
RaceTrac, Inc. has announced a definitive merger agreement to acquire Potbelly Corporation for $17.12 per share in an all-cash transaction valued at approximately $566 million. This offer represents a 47% premium over Potbelly's 90-day volume-weighted average price as of September 9, 2025. The acquisition, expected to close in Q4 2025, will see Potbelly's 445 sandwich shops join RaceTrac's portfolio of over 800 convenience stores, aiming to accelerate growth and expansion opportunities for both brands.
GLAZER CAPITAL, LLC Acquires Significant Stake in Potbelly Corp
GLAZER CAPITAL, LLC has acquired 1,605,145 shares of Potbelly Corp (PBPB) at $17.02 per share, marking a new holding that represents 1.12% of Glazer Capital's portfolio and a 5.31% stake in Potbelly. This strategic investment in the restaurant industry occurs despite Potbelly Corp's current overvaluation according to GF Valuation, reflecting Glazer Capital's confidence in the company's long-term growth potential and market positioning. Potbelly Corp, which operates sandwich and salad restaurants, has shown an 81.86% year-to-date price change and a 3-year revenue growth of 3.10%.
Potbelly Corp. Hits New 52-Week High at $17.12, Up 113.75% - Markets Mojo
Potbelly Corp. reached a new 52-week high of $17.12 on October 14, 2025, marking a 113.75% increase in one-year performance. The microcap company in the leisure services industry has a market capitalization of $510 million, a P/E ratio of 10.00, and a debt-to-equity ratio of 0.16. Its return on equity stands at 20.75%, highlighting strong operational effectiveness.
Potbelly Corp. Hits New 52-Week High at $17.11, Up 113.81% - Markets Mojo
Potbelly Corp. (PBPB) has reached a new 52-week high of $17.11, marking a 113.81% increase over the past year and significantly outperforming the S&P 500. The microcap company demonstrates strong financial health with a market capitalization of $510 million, a low debt-to-equity ratio, and an impressive return on equity, despite not paying dividends.
Heartland Value Fund’s Views on Potbelly Corporation (PBPB) - Insider Monkey
Heartland Advisors' Heartland Value Fund discussed its third-quarter 2025 performance and highlighted its views on Potbelly Corporation (NASDAQ:PBPB) in its investor letter. The fund gained 10.04% in Q3 2025, while the Russell 2000® Value Index returned 12.60%. The article mentions that small-cap companies began to rebound during this period.
Heartland Value Fund’s Views on Potbelly Corporation (PBPB) - Insider Monkey
Heartland Value Fund's Q3 2025 investor letter highlighted Potbelly Corporation (PBPB) as a successful investment, noting its acquisition by RaceTrac at a 32% premium. The fund had initially invested in Potbelly in March 2021, driven by its turnaround efforts under new CEO Bob Wright and strong fundamental improvements. Potbelly's shares gained 108.42% over 52 weeks, closing at $17.07 per share on October 10, 2025, with a market capitalization of $516.448 million.
Heartland Value Fund’s Views on Potbelly Corporation (PBPB) - Yahoo Finance
Heartland Value Fund highlighted Potbelly Corporation (PBPB) in its Q3 2025 investor letter, noting the company's strong performance with a 108.42% gain over 52 weeks and a focus on fundamental, bottoms-up stock research. The fund seeks solid businesses with attractive valuations, particularly in a market dominated by AI and passive investing.
Potbelly Corporation to be Acquired by RaceTrac in Approximately $566 Million Transaction
Potbelly Corporation announced a definitive merger agreement to be acquired by RaceTrac, Inc. for approximately $566 million. RaceTrac will commence a tender offer for all outstanding shares of Potbelly, with the transaction expected to close in Q4 2025, pending regulatory approvals. Both companies emphasize a strategic fit due to shared values in real estate, franchising, operations, and food innovation, along with a focus on quality.
RaceTrac Agrees to Acquire Potbelly Sandwich Shop Chain for $566 Million
RaceTrac Inc., a convenience retailer, has agreed to acquire Potbelly Corp., a fast-casual sandwich chain, for approximately $566 million. The all-cash transaction values Potbelly at $17.12 per share, representing a 47 percent premium. Both companies are expected to maintain distinct brands after the acquisition, which is anticipated to close in the fourth quarter following regulatory approvals.
Potbelly to be acquired by C-store chain for $566 Million
Potbelly Corporation and RaceTrac, Inc. have signed a definitive merger agreement under which RaceTrac will acquire all outstanding shares of Potbelly for $17.12 per share in an all-cash transaction valued at approximately $566 million. The acquisition, expected to close in Q4 2025, represents a significant premium for Potbelly shareholders and aligns with both companies' strategic goals for growth in the convenience and food service sectors. RaceTrac's resources are anticipated to help Potbelly expand its brand while maintaining its neighborhood sandwich shop identity.
RaceTrac Agrees to Acquire Potbelly Sandwich Shop Chain for $566M
Convenience retailer RaceTrac Inc. has entered into a definitive merger agreement to acquire Potbelly Corp. for $566 million, valuing the fast-casual sandwich chain at $17.12 per share. The all-cash transaction, representing a 47 percent premium to Potbelly's 90-day volume-weighted average price, is expected to close in the fourth quarter. Both companies will operate independently until closing, with plans to remain distinct brands, and Potbelly's stock price saw a significant jump following the announcement.
Potbelly Sandwich Shop to open second location on Fort Liberty
Potbelly Corporation is opening its second of three planned locations at Fort Liberty on September 24. This new shop, located at 3905 Honeycutt Road, is owned by franchisee Shak Patel, who already operates four other Potbelly locations. The opening day will include a promotion for the first 50 guests, offering a complimentary t-shirt and a chance to win free Potbelly for a year.
Activist investor pushes Potbelly to consider sale
Immersion Investments LLC, an activist investor and top 20 shareholder, is urging Potbelly's board of directors to consider a sale to private equity, arguing the fast-casual sandwich chain is undervalued. The firm also recommends aggressively repurchasing shares and slowing investments in technology and headcount to improve financial performance. Despite Immersion's belief in Potbelly's growth potential under CEO Bob Wright, they contend that the current valuation fails to reflect the advantages of its franchise-led growth strategy.
Potbelly Brings Back Week of Perks with Surprise and Delights for Loyal Fans
Potbelly (NASDAQ: PBPB) has announced the return of its "Week of Perks" promotion for loyal fans. Potbelly Perks members will receive a head start with a free cookie with any entrée purchase from September 23-29, followed by daily surprise and delight offers from September 30 to October 4. This promotion aims to reward existing and new Perks members with craveable menu items and value.
Potbelly adding nearly 200 locations
Potbelly Corp. has secured 192 new development commitments as part of its Franchise Growth Acceleration Initiative, aiming for a total of 2,000 shops with 85% franchised. These agreements span across various states and include experienced operators from major restaurant brands, reflecting the company's focus on expanding its footprint nationwide. Bryant Keil, former CEO, and his son are among the new franchisee partners, contributing to the brand's continued growth and presence in new and existing markets.
Potbelly Launches Reimagined Potbelly Perks Loyalty Program
Potbelly Corporation has relaunched its Potbelly Perks loyalty program, replacing the previous "Points" system with "Coins" to offer customers greater flexibility and faster rewards. Members can now redeem rewards for a wider range of menu items, starting at 200 Coins, across three tiered levels: Rookie, Pro, and Boss. The program aims to enhance customer experience with more control over rewards and special offers throughout the year.
Chicago Potbelly Sandwich Shop restaurant chain to enter Orlando
Potbelly Sandwich Shop, headquartered in Chicago, has signed a multi-development deal to open six new locations in Orlando within the next seven years. The chain currently operates 434 restaurants across 34 states, with two existing locations in Florida. This expansion marks a significant entry into the Orlando market for the sandwich shop.
Potbelly Heads into Fall with a Deli Classic
Potbelly is bringing back its popular Pastrami Sandwich for a limited time, starting on October 3rd, featuring spiced and smoked beef with Swiss cheese, pickles, and mustard, served toasted. To celebrate the sandwich's return, Potbelly Perks members can get a buy-one-get-one-free original-sized sandwich offer on October 11th. The company, known for its toasted sandwiches and fresh menu items, has been in business for over 40 years with 400 company-owned shops in the U.S.
Potbelly Sandwich Shop announces plans to open spots in Springfield, Decatur and Champaign
Potbelly Sandwich Shop plans to open five new eateries in Springfield, Champaign, and Decatur, Illinois, through an agreement signed with local entrepreneur Rob Wilbern. The company aims for significant franchise growth, targeting 2,000 shops with 85% franchised over the next decade. Specific locations and opening dates for these new shops are yet to be announced.
Potbelly Sandwich Shop wants to double its footprint in Phoenix
Potbelly Corp. (PBPB) plans to aggressively expand its presence in the Phoenix area, aiming to double its current footprint over the next decade. The sandwich chain is actively looking to increase its number of locations in the Valley.
Potbelly Celebrates National Sandwich Day with Tasty, Toasty BOGO
Potbelly is celebrating National Sandwich Day on November 3, 2021, with a buy one, get one (BOGO) sandwich deal for all customers. Both loyal fans and newcomers can receive a free Original sized sandwich when ordering an Original or BIG sized sandwich online or through the Potbelly app using the promo code BOGO. This offer is available to all customers, regardless of Potbelly Perks loyalty program membership.
Potbelly Unveils Enhanced Menu Nationwide
Potbelly Corporation announced the launch of its new menu nationwide, featuring three new sandwiches and enhanced versions of existing favorites. The update also includes three new sandwich sizes and a simplified menu design for easier ordering. To celebrate, Potbelly Perks members will receive a buy one, get one free original sandwich offer during September 2021.
POTBELLY CORP : Submission of Matters to a Vote of Security Holders (form 8-K)
Potbelly Corporation held its 2021 Annual Meeting of Stockholders on May 20, 2021, where shareholders voted on three key proposals. These included the election of nine director nominees, the ratification of Deloitte & Touche LLP as the independent registered public accounting firm, and an advisory vote on executive compensation. All three proposals received shareholder approval.
Planning A Bigger Sandwich Bite
Brent and Michele Brouse, a husband-and-wife team, opened the first Potbelly Sandwich Shop in Wilmington, NC, marking the initial step in their plan to open at least 13 and potentially up to 25 locations across the Carolinas. Brent Brouse, a former bank branch opener, was a devoted Potbelly fan and aims to be a large-scale operator for the Chicago-based chain. The expansion aligns with Potbelly Corp.'s new strategy to increase franchising, moving away from its predominantly company-owned model.
Former Wendy's executive Bob Wright named CEO of Potbelly Sandwich Shop
Potbelly Corp. has appointed Robert Wright, former chief operating officer of The Wendy's Co., as its new chief executive officer. Wright will be replacing Alan Johnson, who has held the position since December 2017. This move brings an executive with significant restaurant experience to the leadership of Potbelly Sandwich Shop.
Potbelly Corporation Appoints David J. Near and Todd W. Smith to Board of Directors
Potbelly Corporation announced an agreement with shareholder Vann A. Avedisian to appoint David J. Near and Todd W. Smith to its Board of Directors, expanding the board to 10 members, 9 of whom are independent. Both new appointees bring extensive restaurant industry expertise, expected to aid Potbelly's strategic priorities and enhance shareholder value, especially in light of the company's turnaround plan prior to the COVID-19 pandemic. The shareholder investors have agreed to vote in favor of Potbelly's nominees at the 2020 Annual Meeting and have withdrawn their nomination notice.
Will Potbelly be pressured by a new activist?
Potbelly Sandwich Shop is facing potential pressure from a new activist investor, 180 Degree Capital Corp., which has acquired a 6% stake in the company. This comes after another activist investor, Ancora Advisors, raised its stake late last year, and previous activist efforts in 2017 to explore a sale. The chain is struggling with declining traffic and sales, having halted unit growth and closed underperforming locations.
Strictly Business: Potbelly Sandwich Shop eyeing Fayetteville
Potbelly Sandwich Shop is planning to expand into Fayetteville, North Carolina, as part of a franchise agreement for 13 new restaurants across the Carolinas. Entrepreneurs Brent and Michele Brouse signed the deal, aiming to open shops along the eastern parts of both North and South Carolina, including Wilmington and Jacksonville in addition to Fayetteville. Potbelly, which started in Chicago in 1977, currently has over 400 company-owned and 50 franchised locations in the U.S.
Potbelly’s activist investor is still lurking
Activist investor Ancora Advisors has increased its stake in Potbelly Corp. to over 5% as the sandwich chain's stock price continues to fall, reviving pressure on the company. Potbelly's stock has dropped significantly since it decided not to sell two years ago, and the company has been struggling with declining sales and executive changes. Ancora has a history of pushing for sales processes in other companies, suggesting a potential repeat of past efforts to influence Potbelly's future.
Retail Roundup: Potbelly Sandwich Shop coming to LI Macy's
Macy's plans to open Potbelly Sandwich Shops in four of its stores, including the first Long Island location at Smith Haven Mall in Lake Grove, as part of an innovative approach to retail. Macy's will be the franchisee for these shops, and the initiative is part of Macy's Growth100 program to upgrade stores and offer enhanced customer experiences, including food and beverage options. This partnership highlights a trend of retailers experimenting with in-store restaurants to diversify and attract customers, despite the challenges of the restaurant business.
Potbelly poised to double its franchise units
Potbelly Corp. plans to more than double its franchise locations over the next five years, targeting new territories like California, Alabama, Georgia, Florida, Colorado, Arizona, and Washington state. The company is seeking experienced multi-unit operators and has already signed agreements for 23 new units with talks for an additional 40. Potbelly also revealed plans for a new "Shop of the Future" prototype, which will cost 25% less to build and feature a modernized design focusing on improved speed of service and customer experience.
New Potbelly CEO Wants to Make Sandwiches More Interesting
Potbelly Corp.'s new CEO, Alan Johnson, believes that offering more interesting sandwiches is key to saving the struggling fast-casual restaurant chain. Johnson, a consultant and retail executive with turnaround experience, was appointed in December and emphasizes differentiation in a crowded market. His focus is on improving the company rather than selling the business.
Potbelly Sandwich Shop ready to open in SouthPark
Potbelly Sandwich Shop is scheduled to open its second Charlotte-area location in SouthPark's Piedmont Town Center on May 9. The Chicago-based sandwich franchise is expanding its presence in the Charlotte market.
Privet Fund Management Says It Delivered Letter To The Issuer's Chairman, Peter Bassi, And Potbelly Corp's Board
Privet Fund Management LLC announced that it delivered a letter to Peter Bassi, Chairman of Potbelly Corp, and the company's board on March 21, 2018. The fund further urged Potbelly Corp not to pursue entrenching tactics like unilaterally adding directors to its board.
Under pressure, Potbelly adds new director to board
Potbelly Corp. has appointed Ancora Advisors Portfolio Manager Joseph Boehm to its board of directors following a "settlement agreement" with the investment firm. Ancora, which had been critical of Potbelly, owns 4.3 percent of the company's stock and has agreed to certain conditions, including not acquiring more than 9.9 percent of stock and not seeking to change company control, in exchange for Boehm's board appointment.
Potbelly puts business under microscope
Potbelly Corp. has hired J.P. Morgan Securities LLC to review all aspects of its business, including capital structure, operations, marketing, and growth strategies, in an effort to improve negative traffic trends. The company reported a second-quarter loss of $138,000 and a 4.9 percent decline in same-store sales, leading to a lowered sales forecast for 2017. Potbelly is focusing on increasing convenience, customer engagement through technology, expanding its catering operations, and exploring options for increasing franchising.
Sandwich Maker Potbelly Hangs ‘For Sale’ Sign
Potbelly Corp. is exploring a potential sale after reporting a significant decline in earnings and same-store sales during the second quarter. The sandwich chain has engaged J.P. Morgan as an adviser to review its business, making it the latest restaurant company to face financial challenges as consumers dine out less frequently.
