# Potbelly Sandwich Shop

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American fast-casual restaurant chain

Potbelly Corporation Type Subsidiary Industry Fast casual Founder Bryant Keil Area served United States Key people Robert Wright (president & CEO) Bryant Keil (founding chairman) Products Sandwiches, salads, soups, ice cream Revenue 409,707,000 United States dollar (2019) Owner RaceTrac

A location in [Eden Prairie, Minnesota](/source/Eden_Prairie%2C_Minnesota)

**Potbelly Sandwich Shop**, also known as **Potbelly Sandwich Works**, is an American fast-casual [restaurant chain](/source/Restaurant_chain) with over 400 locations that focuses on [submarine sandwiches](/source/Submarine_sandwich) and [milkshakes](/source/Milkshake). It is owned by [RaceTrac](/source/RaceTrac).

Potbelly was founded in 1977 in [Chicago](/source/Chicago), and its name refers to the [potbelly stove](/source/Potbelly_stove). Potbelly offers sandwiches, many served hot, and soup, shakes, [smoothies](/source/Smoothie), potato chips, and cookies. Some locations formerly presented live music from local musicians during the lunch hours.[1]

Potbelly carries [Zapp's](/source/Zapp's) potato chips and previously had an exclusive Zapp's brand of dill pickle chips that had the flavor of a Potbelly pickle.[2]

## History

The first Potbelly restaurant, in [Lincoln Park, Chicago](/source/Lincoln_Park%2C_Chicago)

A view inside the first Potbelly Restaurant seating area

In 1971, Peter Hastings started an [antique store](/source/Antique_store), Hindsight, at 2264 North Lincoln Avenue in the [Lincoln Park](/source/Lincoln_Park%2C_Chicago) neighborhood of Chicago. The store had an old [potbelly stove](/source/Potbelly_stove), which Hastings began using to make toasted sandwiches to serve to shoppers. In 1977, the Hindsight store was retooled into a restaurant, Potbelly Sandwich Works.[3]

Since 1977, Potbelly has partnered with Turano in Chicago for bread products.[4]

In 1996, Bryant Keil purchased the original store and converted it into a full-scale restaurant.[1] The second Potbelly store opened in 1997, and he expanded Potbelly to over 250 stores in several states and the [District of Columbia](/source/District_of_Columbia) by 2008.[5]

In 2001, [Maveron](/source/Maveron), founded by former [Starbucks](/source/Starbucks) chairman and executive [Howard Schultz](/source/Howard_Schultz) and [Dan Levitan](/source/Dan_Levitan), invested in the company and became its largest shareholder. It sold most of its stake by 2016.[6]

In November 2007, a new Potbelly store in [Glen Ellyn, Illinois](/source/Glen_Ellyn%2C_Illinois) became the first to feature a [drive-through](/source/Drive-through). A second drive-through store was added shortly thereafter in [Waukegan, Illinois](/source/Waukegan%2C_Illinois).[7]

In February 2011, Potbelly opened two franchise stores in [Dubai](/source/Dubai) in the [United Arab Emirates](/source/United_Arab_Emirates) owned by [Alshaya Group](/source/Alshaya_Group), the first international Potbelly locations.[8][9]

In October 2013, Potbelly became a [public company](/source/Public_company) via an [initial public offering](/source/Initial_public_offering). The stock closed up 120% on its first day of trading.[10] At that time, its largest shareholders were [Maveron](/source/Maveron) with a 28% stake, ASP PSW LLC, managed by [American Securities](/source/American_Securities) with 12.9%, and [Oak Investment Partners](/source/Oak_Investment_Partners) with 12.2%.[11]

Potbelly opened its first European store at [Westfield Stratford City](/source/Westfield_Stratford_City), [London](/source/London), in July 2015.[12] It opened its first Canadian store in Toronto in October 2016.[13]

By August 2017, 60% of Potbelly's business came from lunch. It had 424 owned stores and 54 franchised stores.[14]

In December 2017, Potbelly opened its first franchise in [India](/source/India) with a location in [Cyber City](/source/Cyber_City%2C_Gurgaon), [Gurgaon](/source/Gurgaon), operated by Kwals Group.[15][16]

Decreased sales caused by the [COVID-19 pandemic](/source/COVID-19_pandemic) resulted in nearly 30% loss in annual revenue and 28 store closures.[17]

During the [COVID-19 pandemic](/source/COVID-19_pandemic), Potbelly applied for and accepted $10 million under the [Paycheck Protection Program](/source/Paycheck_Protection_Program).[18] Even though it qualified for the loan, some people criticized the loan as Potbelly was not a small business; it returned the loan in April 2020 after outrage.[19]

In July 2020, Potbelly named Robert Wright, a former executive of [Wendy's](/source/Wendy's), its President and CEO.[20]

In April 2022, Potbelly entered its first delivery-based franchise partnership with REEF, the largest operator of virtual restaurants, logistics, and proximity hubs in North America.[21]

In May 2023, a Potbelly in downtown Portland paid almost $100,000 to hire consulting firm Optimal Employee Relations to reduce efforts of employees to form a [labor union](/source/Labor_union). It allegedly fired three workers who led the union campaign.[22]

By the fourth quarter of 2023, 41% of sales came from digital channels.[23]

In January 2024, the firm unveiled a redesigned Potbelly Perks loyalty program with new benefits. At that time it had 425 restaurants, including 80 franchises.[24][25][26]

In March 2025, Potbelly announced an incentive program for franchisees including reduced fees for operators that open at least 15 units in eight years.[27]

In October 2025, Potbelly was acquired by [RaceTrac](/source/RaceTrac) for $566 million.[28][29]

## See also

Wikimedia Commons has media related to [Potbelly Sandwich Works](https://commons.wikimedia.org/wiki/Category:Potbelly_Sandwich_Works).

- [List of submarine sandwich restaurants](/source/List_of_submarine_sandwich_restaurants)

## References

1. ^ [***a***](#cite_ref-6things_1-0) [***b***](#cite_ref-6things_1-1) ["6 Things You Didn't Know About Potbelly Sandwich Works"](https://www.thedailymeal.com/6-things-you-didn-t-know-about-potbelly-sandwich-works). *The Daily Meal*. September 5, 2014.

1. **[^](#cite_ref-2)** ["Potbelly Sandwich Shop Introduces New Cuban Sandwich For A Limited Time"](https://www.restaurantnews.com/potbelly-sandwich-shop-introduces-new-cuban-sandwich-for-a-limited-time-050918/) (Press release). May 9, 2018 – via Restaurant News.

1. **[^](#cite_ref-3)** Cagle, Sara (August 18, 2023). ["The Untold Truth of Potbelly"](https://www.mashed.com/380221/the-untold-truth-of-potbelly/). *[Mashed](/source/Static_Media)*.

1. **[^](#cite_ref-4)** Spinner, Jenni (June 28, 2024). ["Potbelly sandwich chain builds upon its bread"](https://www.snackandbakery.com/articles/111591-potbelly-sandwich-chain-builds-upon-its-bread). *Snack Food & Wholesale Bakery*.

1. **[^](#cite_ref-5)** Jennings, Lisa (July 19, 2023). ["Potbelly founder to build shops in Maryland as franchisee"](https://www.restaurantbusinessonline.com/operations/potbelly-founder-build-shops-maryland-franchisee). *Restaurant Business*.

1. **[^](#cite_ref-6)** Maze, Jonathan (February 26, 2016). ["Maveron sharply reduces its Potbelly stake"](https://www.nrn.com/restaurant-finance/maveron-sharply-reduces-its-potbelly-stake). *[Nation's Restaurant News](/source/Nation's_Restaurant_News)*.

1. **[^](#cite_ref-7)** ["Potbelly Sandwich Shop Restaurant Drive-Through – Glen Ellyn, IL"](https://www.bonoconsulting.com/projects/potbelly-sandwich-works-restaurant-drive-through-glen-ellyn/). *Sevee & Maher Engineers*.

1. **[^](#cite_ref-8)** McGinley, Shane (February 27, 2011). ["Kuwait's Alshaya opens debut Chicago's Potbelly Sandwich Shop outlets"](https://www.arabianbusiness.com/industries/retail/kuwait-s-alshaya-opens-debut-chicago-s-potbelly-sandwich-shop-outlets-383485). *[Arabian Business](/source/Arabian_Business)*.

1. **[^](#cite_ref-9)** ["Potbelly - Chicago's favorite sandwich shop comes to Dubai"](https://www.alshaya.com/en/media-centre/alshaya-news/potbelly-chicago-s-favorite-sandwich-shop-comes-to-dubai/) (Press release). [Alshaya Group](/source/Alshaya_Group). February 27, 2011.

1. **[^](#cite_ref-10)** ["Buyers gobble up Potbelly's IPO"](https://www.cnbc.com/2013/10/04/potbelly-ipo-has-bigger-than-expected-demand.html). *[CNBC](/source/CNBC)*. October 4, 2013.

1. **[^](#cite_ref-11)** Das, Avik (August 29, 2013). Sebastian, Don (ed.). ["Sandwich maker Potbelly files for IPO of up to $75 million"](https://www.reuters.com/article/business/sandwich-maker-potbelly-files-for-ipo-of-up-to-75-million-idUSBRE97S17G/). *[Reuters](/source/Reuters)*.

1. **[^](#cite_ref-12)** Murphy-Bates, Sebastian (May 23, 2015). ["Stratford to welcome first Potbelly in Europe"](http://www.newhamrecorder.co.uk/news/stratford_to_welcome_first_potbelly_in_europe_1_4084482). *[Newham Recorder](/source/Newham_Recorder)*.

1. **[^](#cite_ref-13)** Starr, Ryan (October 20, 2016). ["Chicago's Potbelly Sandwich Shop Opens Toronto Flagship"](https://www.bisnow.com/toronto/news/retail/chicagos-potbelly-sandwich-shop-opens-toronto-flagship-66666). *[Bisnow Media](/source/Bisnow_Media)*.

1. **[^](#cite_ref-14)** Jargon, Julie; Hufford, Austen (August 4, 2017). ["Sandwich Maker Potbelly Hangs 'For Sale' Sign"](https://www.wsj.com/articles/sandwich-maker-potbelly-hangs-for-sale-sign-1501860390). *[The Wall Street Journal](/source/The_Wall_Street_Journal)*. [New York City](/source/New_York_City).

1. **[^](#cite_ref-15)** Archana, Sai (December 20, 2017). ["First Potbelly Sandwich Shop Opens in India"](https://www.bwhotelier.com/article/first-potbelly-sandwich-shop-opens-in-india-135209). *BW Hotelier*.

1. **[^](#cite_ref-16)** ["Potbelly Corp, Kwal's Group partner to open 20 outlets by 2022"](https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/potbelly-corp-kwals-group-partner-to-open-20-outlets-by-2022/62144153). *[The Economic Times](/source/The_Economic_Times)*. [Press Trust of India](/source/Press_Trust_of_India). December 20, 2017.

1. **[^](#cite_ref-17)** Klein, Danny (April 27, 2022). ["Inside Potbelly's Comeback, from Potential to Powerhouse"](https://www.qsrmagazine.com/reports/inside-potbellys-comeback-potential-powerhouse/). *QSR*.

1. **[^](#cite_ref-18)** ["Chains like Ruth's Chris, Potbelly got loans under small-business relief program; what happened?"](https://www.oregonlive.com/business/2020/04/chains-like-ruths-chris-potbellys-got-loans-under-small-business-relief-program-what-happened.html). *[The Oregonian](/source/The_Oregonian)*. [Associated Press](/source/Associated_Press). April 20, 2020.

1. **[^](#cite_ref-19)** Miller, Hannah (April 25, 2020). ["Potbelly says it will return $10 million small business loan, following others after outrage"](https://www.cnbc.com/2020/04/25/potbelly-to-return-10-million-ppp-loan-after-outrage.html). *[CNBC](/source/CNBC)*.

1. **[^](#cite_ref-20)** Lalley, Heather (July 20, 2020). ["Potbelly names former Wendy's exec Robert Wright as president and CEO"](https://restaurantbusinessonline.com/leadership/potbelly-names-former-wendys-exec-robert-wright-president-ceo). *Restaurant Business*.

1. **[^](#cite_ref-21)** ["Potbelly initiates virtual restaurant partnership with Reef"](https://www.nrn.com/fast-casual/potbelly-initiates-virtual-restaurant-partnership-with-reef) (Press release). April 27, 2022 – via [Nation's Restaurant News](/source/Nation's_Restaurant_News).

1. **[^](#cite_ref-22)** Gruben, Mallory (April 3, 2024). ["Potbelly Sandwich spent $100k to fight union"](https://nwlaborpress.org/2024/04/potbelly-sandwich-spent-100k-to-fight-union/). *[Northwest Labor Press](/source/Northwest_Labor_Press)*.

1. **[^](#cite_ref-23)** Fantozzi, Joanna (May 9, 2024). ["Why Potbelly thinks that digital sales — not discounting — is the best solution for long-term traffic gains"](https://www.nrn.com/restaurant-technology/why-potbelly-thinks-that-digital-sales-not-discounting-is-the-best-solution-for-long-term-traffic-gains). *[Nation's Restaurant News](/source/Nation's_Restaurant_News)*.

1. **[^](#cite_ref-24)** Canham-Clyne, Aneurin (January 23, 2024). ["Potbelly expands loyalty redemption options"](https://www.restaurantdive.com/news/potbelly-expands-loyalty-redemption-adds-spending-tiers/705300/). *[Industry Dive](/source/Industry_Dive)*.

1. **[^](#cite_ref-25)** Ruggless, Ron (March 8, 2024). ["Potbelly modifies its Perks loyalty program"](https://www.nrn.com/restaurant-loyalty/potbelly-modifies-its-perks-loyalty-program). *[Nation's Restaurant News](/source/Nation's_Restaurant_News)*.

1. **[^](#cite_ref-26)** ["Potbelly Launches Reimagined Potbelly Perks Loyalty Program"](https://www.prnewswire.com/news-releases/potbelly-launches-reimagined-potbelly-perks-loyalty-program-302040837.html) (Press release). [PR Newswire](/source/PR_Newswire). January 22, 2024.

1. **[^](#cite_ref-27)** Huglen, Alyssa (May 23, 2025). ["Potbelly's Newly Launched Incentive Program Appeals to Multi-Unit Franchisees"](https://www.franchisetimes.com/franchise_news/potbelly-s-newly-launched-incentive-program-appeals-to-multi-unit-franchisees/article_bd6999b0-0e99-482e-b329-f250d8997e0b.html). *[Franchise Times](/source/Franchise_Times)*.

1. **[^](#cite_ref-28)** Neelakandan, Laya (September 10, 2025). ["Potbelly acquired by convenience store operator RaceTrac for $566 million"](https://www.cnbc.com/2025/09/10/potbelly-acquired-racetrac-566-million.html). *[CNBC](/source/CNBC)*.

1. **[^](#cite_ref-29)** Jennings, Lisa (October 23, 2025). ["RaceTrac completes $566M acquisition of Potbelly"](https://www.restaurantbusinessonline.com/racetrac-completes-566m-acquisition-potbelly). *Restaurant Business*.

## External links

- [Official website](https://potbelly.com/)

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Adapted from the Wikipedia article [Potbelly Sandwich Shop](https://en.wikipedia.org/wiki/Potbelly_Sandwich_Shop) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Potbelly_Sandwich_Shop?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.