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.
My Boss Terminated Me for Wearing Thrift Store Attire – My Colleagues Came to My Defense and Delivered a Powerful Lesson
When the company owner barged in and abruptly fired me for wearing second-hand clothes, my world imploded. Little did I know, my co-workers were planning an act that would turn everything around and emphasize the true strength of our workplace community.
Never did I think that buying clothes from a thrift store would cost me my job. But life’s full of surprises, especially when you’re a single mother struggling to make ends meet.
It began like any other Tuesday morning. I was at my desk, taking calls and welcoming clients with my usual cheer. The office buzzed with its routine hustle — keys clacking, printers working, and the aroma of fresh coffee in the air.
Kate from HR peeked around the corner. “Hey Claire, how are the kids?”
“Oh, you know,” I chuckled. “Sophie’s engrossed in her science project, and Noah’s set on memorizing every dinosaur name.”
Kate smiled. “Sounds like you have your hands full.”
“Always,” I said. “But I wouldn’t trade it for the world.”
Just then, the elevator chimed. The doors opened to reveal a familiar face I hadn’t seen in over a year — Victor, the company owner.
Panic surged through me. I quickly stood, smoothing my thrift store blouse. “Good morning, Mr. Harrison! Welcome back!”
Victor’s eyes narrowed at me, his expression hardening. “What are you wearing?”
I glanced at my outfit, puzzled. “I — ”
“Is this how you present yourself to our clients?” he demanded loudly. “In these… these rags?”
The office fell silent, every eye on us.
“Mr. Harrison, I — ”
“No excuses,” he interrupted. “A receptionist’s attire should reflect our brand. You’re terminated. Leave immediately.”
My world spun. “But sir, I’m a single mom. I can’t — ”
“Out!” he shouted. “Now!”
Tears stung as I gathered my belongings. Kate tried to intervene, but Victor silenced her with a glare.
The drive home was a blur. How would I explain this to Sophie and Noah? How would we survive? I unlocked our apartment door, and there they were — my little warriors.
Sophie instantly knew something was wrong. “Mom, what happened?”
I hugged them close, the smell of grape juice and play-doh soothing me. “I lost my job today, sweethearts.”
Noah hugged me tighter. “It’s okay, Mommy. We still love you.”
I stifled a sob. “I love you too, munchkins. So much.”
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