The process, which is in an early stage, is expected to attract potential corporate buyers and private-equity firms, the report said, adding though it is possible there won’t be a sale or other deal.

“As a privately held company, we don’t comment on ownership structure and business plans,” a company spokesperson told Reuters in an emailed statement.

Subway, one of the world’s largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries. The Milford, Connecticut-based company, known for its foot-long sandwiches and quick-service restaurants, has been owned by its two founding families for more than five decades.

In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.