RaceTrac to acquire Potbelly for $566 million

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.