Potbelly Sandwich Shop
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Type | Public |
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Nasdaq: PBPB Russell 2000 Component | |
Industry | Fast casual |
Founded | January 14, 1977 |
Founder | Bryant Keil |
Headquarters | The Gogo Building, 111. N.Canal Street, Chicago, Illinois, U.S. |
Number of locations | 474 (as of December 29, 2019)[1] |
Key people | Alan Johnson, Chairman & CEO Bryant Keil, Founding chairman |
Products | Sandwiches, salads, soups, ice cream |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 6,000 (As of December 29, 2019) |
Website | potbelly.com |
Potbelly Corporation is a publicly traded American fast-casual restaurant chain that focuses on submarine sandwiches and milkshakes. Potbelly was founded in 1977 in Chicago,[2] 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, and cookies. Some locations have presented live music from local musicians during the lunch hours.[3][4]
History[]
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.[5][6] Investors include Maveron (Founded by Starbucks Founder, Howard Schultz) and American Securities.[7] As of August 2019, approximately 10% of the chains 450+ locations were franchisees.[8]
In August 2013, Potbelly filed an initial public offering with US regulators to raise up to $75 million.[9] 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.[10]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/9/9f/Seating_area_in_the_very_first_Potbellys_Restaurant.jpg/170px-Seating_area_in_the_very_first_Potbellys_Restaurant.jpg)
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.[11]
In 2011, Potbelly opened two franchise stores in Dubai in the United Arab Emirates; these are the first international Potbelly locations.[12]
Potbelly opened its first European store at Westfield Stratford City, London, in July 2015[13] and its first Canadian store in Toronto in October 2016.[14] By August 2017, 60% of Potbelly's business came from lunch. It had 424 owned stores and 54 franchised stores.[15] Early that month, Potbelly announced it was considering putting itself for sale.[15]
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.[16]
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.[17] On April 14, 2020, the company was awarded $10 million in PPP Loans from the federal government. Protesters began picketing April 20, 2020 at the Chicago headquarters demanding the return of the funds.[citation needed] Potbelly Sandwich Shop announced on April 25, 2020, that they would return the $10 million loan.[18]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/43/11-16-06-EPMN-potbelly.jpg/200px-11-16-06-EPMN-potbelly.jpg)
See also[]
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Wikimedia Commons has media related to Potbelly Sandwich Works. |
References[]
- ^ Jump up to: a b c d e f Potbelly Corporation Form 10-K for 2019 Annual Report. U.S. Securities and Exchange Commission (Report). Retrieved March 25, 2020.
- ^ "Frequently Asked Questions Archived 2010-03-08 at the Wayback Machine." Potbelly Sandwich Shop. Retrieved on February 24, 2010.
- ^ "A Lively Lunch | Plymouth". Community Life Magazine. Retrieved 22 July 2019.
- ^ "6 Things You Didn't Know About Potbelly Sandwich Works". The Daily Meal. September 5, 2014. Retrieved February 9, 2018.
- ^ 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.
- ^ "Timeline". Potbelly Sandwich Shop. Retrieved 20 February 2014.
- ^ "ZEPHYR – Bureau van Dijk". zephyr2.bvdep.com. Retrieved 22 June 2018.
- ^ "Entrepreneur". entrepreneur.com. Retrieved 23 April 2020.
- ^ 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.
- ^ "Potbelly Corporation Announces Pricing of Its Initial Public Offering". Retrieved 22 July 2019.
- ^ "Economic Files of Potbelly" (PDF). Retrieved 22 July 2019.
- ^ "Potbelly (US) Opens in Dubai – 07 Mar 2011". www.worldfranchiseassociates.com. Retrieved 22 July 2019.
- ^ Murphy-Bates, Sebastian (2015-05-23). "Stratford to welcome first Potbelly in Europe". Newham Recorder. Retrieved 2015-07-28.
- ^ "Toronto Restaurant Openings: Harry's, Potbelly Sandwich Shop, Montaditos, Matcha Tea Dessert". Blogto.com. 2016-10-13. Retrieved 2018-02-09.
- ^ Jump up to: a b 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.
- ^ "First Potbelly Sandwich Shop Opens in India". Retrieved 22 June 2018.
- ^ "OREGONLIVE – Associated Press". oregonlive.com. Retrieved 23 April 2020.
- ^ Miller, Hannah. "Potbelly says it will return $10 million small business loan, following others after outrage". CNBC. Retrieved 28 April 2020.
External links[]
- Companies based in Chicago
- Restaurants in Chicago
- Regional restaurant chains in the United States
- Fast-food chains of the United States
- Submarine sandwich restaurants
- Fast casual restaurants
- Restaurants established in 1977
- 1977 establishments in Illinois
- Restaurant chains in the United States
- American companies established in 1977
- 2013 initial public offerings
- Companies listed on the Nasdaq