Potbelly Ramps Up Expansion Plan Via Multi-Unit Development Deal With United One Group

Potbelly Corp PBPB has finalized a multi-unit development agreement along with its first refranchising deal in New York City.
The agreement includes multi-unit development for 13 new shops over the next eight years, and the refranchise of eight shops, the ownership of which has been fully transferred. The financial terms were not disclosed.
United One Group (UOG) acquired the eight existing Potbelly locations in New York City and committed to developing 13 new shops over the next eight years. UOG franchise group is led by Chief Executive Officer Paramjit Josan and Chief Development Officer Manny Singh.
As part of the Franchise Growth Acceleration Initiative announced in March 2022, Potbelly plans to reach 2,000 units, with at least 85% of those being franchised shops over the next 10 years.
Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country with approximately 429 locations shops in the U.S., including 45 franchised shops.
Price Action: PBPB shares traded lower by 1.20% at $8.25 on the last check Monday.