Who owns the 'Company-Owned' outlets referenced in the Potbelly Sandwich Works tables?

According to Potbelly Sandwich Works' 2025 Franchise Disclosure Document, the 'Company-Owned' outlets referenced in tables 1 and 4 are owned by one or more of Potbelly Sandwich Works' affiliates. This means that Potbelly Sandwich Works itself does not directly own these locations; instead, they are held by related but separate business entities.

For a potential franchisee, this distinction is important because it clarifies the relationship between the franchisor and its corporate stores. It indicates that Potbelly Sandwich Works may have a complex organizational structure with different entities handling various aspects of the business. Understanding this structure can be crucial for franchisees as it may impact decision-making processes, resource allocation, and overall support provided by the franchisor.

It is common for franchise companies to operate company-owned stores through affiliates. This structure can provide certain legal and financial advantages. Prospective franchisees should inquire about the specific roles and responsibilities of these affiliates to fully understand how they interact with the franchise system and how they might affect the franchisee's operations and support.