Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
Katy Perry has once again captured the spotlight with her unapologetic style.
The pop icon, known for her daring fashion sense, arrived at an award event in a stunning getup that raised some eyebrows.
Katy Perry’s latest look was a showstopper with a bold black thong visible under a vibrant red skirt that laced up. She paired it with a corset top and towering black heels, radiating sheer confidence. Her sleek ponytail was the perfect match for her pearl necklace and earrings.
But it wasn’t just her clothes that made waves; Perry also showed off a new 3D skin color prosthetic tattoo of a butterfly on her lower back.
Katy’s bold look and the tattoo earned her praise from the fans but some also expressed their unhappiness. «I’m sad that children see this….» commented a person on Katy’s photo. «Sorry but this dress and butterfly tattoo or whatever it is is ew,» added another.
Another celebrity who made headlines for their risky outfit is Kristen Stewart who opted for a look without pants. Check out her photos here.
Preview photo credit Richard Shotwell/Invision/East News, katyperry / Instagram
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