(For more retail coverage, click GlobeSt.com/RETAIL.)
CHICAGO-Potbelly Sandwich Works Inc. has raised $58 million andadded seasoned retail food execs in support of expansion. DanFogarty, SVP of marketing, tells GlobeSt.com, the 110-unit locallybased chain plans between 35 and 40 new units this year.
A new investor in the company, New York City-based AmericanSecurities Capital Partners LLC, provided $30 million. Anadditional $28 million has come from the chain's existingstockholders. Fogarty says expansion will take place in existingmarkets this year, allowing units to "percolate" in those marketsbefore reaching to new ones. Potbelly currently operates inIllinois, Indiana, Maryland, Michigan, Minnesota, Ohio, Texas,Virginia, Wisconsin and Washington, DC. Units range between 2,300sf and 2,800 sf, he says.
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