Milford, Connecticut-based Subway has been privately owned since its founding in 1965. It’s now one of the world’s largest restaurant chains, with 37,000 outlets in more than 100 countries.

In a statement posted on its website, Subway said there is no timetable for a sale or even assurance that a sale will go through. J.P. Morgan is advising the company and will conduct the sale exploration process.

Subway has been losing market share in recent years to fast-growing rivals like Panera and Firehouse Subs, which feature more varied menus and newer stores. Subway took notice, and began a program to modernize its stores in 2017. In 2021, it refreshed its menu and upgraded ingredients; last year it introduced a line of chef-developed sandwiches.

Subway said 2022 was a record year for the brand, which has now posted eight consecutive quarters of same-store sales growth.