Subway confirmed Tuesday that its shareholders are considering a sale of the company. The sandwich brand said it has hired JP Morgan as an advisor to aid the possible sales process. Subway cautioned this process was not definitive.

“There is no indication of timing or assurance that a sale will occur,” the company wrote. “The management team remains committed to the future and will continue to execute against its multi-year transformation journey.”

Subway’s rumored sale exploration was first reported in January by The Wall Street Journal. At the time, a possible sale was valued at $10 billion.

Neil Saunders, managing director of GlobalData, previously wrote in an email to Restaurant Dive that Subway’s global reach could broaden the scope of potential buyers and that the chain still has considerable runway for growth worldwide. 

Subway has spent the last two years working to overhaul its menu and franchising system after well-documented problems and lackluster sales hindered the chain’s performance in the second half of the 2010s, which led to the closure of around 6,000 units.

Subway said it beat its sales projections in 2022 and has seen eight straight quarters of positive same-store sales. The chain undertook two menu overhauls, the Eat Fresh Refresh in 2021 and the Subway Series in 2022, the latter of which added 12 signature subs diners can order by name and number rather than via customization. Subway has also shifted from its traditional focus on single-unit franchisees toward multi-unit operators, opening the possibility for growth through partnerships with well-capitalized and experienced franchisees.