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Potbelly

Financing

Potbelly decides to take a $10M PPP loan

The struggling sandwich chain returned its PPP money last spring but opted to accept a loan during the second funding round to help it stay afloat.

Technology

Potbelly stock surges on news that it’s back from the brink

The fast-casual sandwich chain said it has resolved issues that caused it to send out a going concern warning in May.

Wright takes over at the struggling sandwich brand from Alan Johnson.

180 Degree Capital called the company’s performance “unacceptable” even with the pandemic, says RB’s The Bottom Line.

The sandwich chain is negotiating with landlords to close locations but has hired restructuring advisors, says RB’s The Bottom Line.

The struggling sandwich chain included a going concern warning in its financial filing, noting that it likely will not be able to comply with its credit agreement and may not survive the year.

The struggling fast casual said it might shutter 100 sandwich shops that were performing poorly before the pandemic as it scrambles to make up ground lost to the impacts of the virus.

The struggling sandwich chain said same-store sales are now down 45%, up from minus 68% during the height of the coronavirus crisis.

The struggling sandwich chain has appointed two new members to its board in an agreement with a coalition of shareholders.

The relief funds have flowed to operations such as Ruth’s Chris and Potbelly.

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