Potbelly Signs Multi-Unit Development Agreement with Company Founder Bryant Keil
19 7월 2023 - 10:00PM
Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood
sandwich shop, today announced that it has finalized a 27-shop
agreement in Maryland with the company’s founder Bryant Keil and
his son Hampden.
The agreement grants Mr. Keil exclusive territory rights in
seven Maryland counties – Washington, Frederick, Montgomery, Prince
George, Charles, Calvert, and St. Mary’s – to develop 15 new
Potbelly shops in the next eight years. Additionally, Potbelly will
refranchise 12 existing restaurant locations as part of the
transaction.
“The Potbelly brand we know and love was shaped by Bryant’s
leadership. He has a keen understanding of the Potbelly vision and
deep appreciation for the brand and what sets us apart,” said Bob
Wright, President and CEO of Potbelly. “He oversaw years of
incredible expansion for our brand, and we look forward to him
accelerating our growth momentum in Maryland as we continue to
execute our strategic franchise and growth strategy across the U.S.
Along with refranchising several of our existing shops, this
agreement will extend Potbelly’s presence in central and southern
regions of the state over the next decade, giving residents and
visitors more access to our delicious food.”
“For nearly three decades, I’ve believed in the strength of the
Potbelly brand and the company’s growth potential,” said Mr. Keil.
“I’m thrilled for this new partnership and the opportunity to open
and operate additional shops on the East Coast. I’m especially
excited to partner with my son Hampden to develop the market and
our family business. He grew up in Potbelly and has significant
restaurant experience. We are both very excited to join the
system.”
Mr. Keil first purchased Potbelly in 1996, when it was a single
antique shop in the Lincoln Park neighborhood of Chicago whose
owners served sandwiches to their customers. As CEO, he leaned into
the differentiated Potbelly business model – creating shops that
serve delicious, craveable food in an environment prioritizing good
vibes – and successfully expanded the company to 250 locations by
2008. Today, there are more than 425 Potbelly locations in cities
around the U.S.
Potbelly has a long-term goal of reaching 2,000 shops over the
next 10 years, with at least 85% of those locations being
franchised, as part of the company’s Franchise Growth Acceleration
Initiative.
You can learn more about franchise opportunities with Potbelly
at https://www.potbelly.com/franchising-why-potbelly.
About PotbellyPotbelly Corporation is a
neighborhood sandwich concept that has been feeding customers’
smiles with warm, toasty sandwiches, signature salads, hand-dipped
shakes and other fresh menu items, customized just the way
customers want them, for more than 40 years. Potbelly promises
Fresh, Fast & Friendly service in an environment that reflects
the local neighborhood. Since opening its first shop in Chicago in
1977, Potbelly has expanded to neighborhoods across the country -
with more than 425 shops in the United States including
approximately 53 franchised shops in the United States. For more
information, please visit our website at www.potbelly.com.
Forward Looking StatementsThis press release
may contain statements that might be considered forward-looking
statements or predictions of future operations including with
respect to the shop development agreement with Bryant Keil and
Potbelly’s ability to successfully execute on its Franchise Growth
Acceleration Initiative. Such statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and are based on management’s belief or interpretation
of information currently available. These statements and
assumptions involve certain risks and uncertainties. Actual events
may also differ from these expectations as a result of the risks
identified from time to time in our filings with the Securities and
Exchange Commission. We assume no duty to update these statements
as of any future date.
Contact:PotbellyPR@icrinc.com
Potbelly (NASDAQ:PBPB)
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Potbelly (NASDAQ:PBPB)
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