Potbelly Sold to RaceTrac for $566M, Expanding to 2,000 Units

Potbelly has sold to RaceTrac for $566M. The acquisition will help support Potbelly's goal of reaching 2,000 units, with a current 816-unit pipeline. RaceTrac operates 800 c-stores and 1,200 gas stations, providing a vast network for expansion. Potbelly has undergone a transformation under CEO Bob Wright's five-point strategy, emphasizing franchised development, menu enhancement, and digital brand awareness. The chain posted 3.2% company-operated same-store sales growth in Q2.