Potbelly, in the midst of a turnaround, signs three new franchise agreement
Sandwich chain Potbelly Corp. announced Thursday that it has signed three new franchise agreements, a key part of the turnaround program the company has been executing this year. The company has signed franchise agreements over the last six months that will double its franchise locations when the restaurants open their doors. A total of 38 new units will span Las Vegas, Tampa, and the Carolinas. The company recently opened shops in Irvine, Calif., Charlottesville, Va. and Odessa, Tex., among other places. In addition to new franchise agreements, the company has rolled out a new menu, partnered with DoorDash for delivery service, and has a "Shop the Future" platform that's designed to use technology more effectively, reduce development costs and optimize sales. Potbelly stock is up about 1% in Thursday trading, but has sunk nearly 66% over the past year. The S&P 500 index is up 6.9% for the past 12 months.
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