Potbelly
Dining · 460+ locations · IL (Chicago, headquarters) and other states nationwide, plus DC
Potbelly built its name as an independent Chicago sandwich shop for decades, but it's no longer independently owned at all — RaceTrac, the convenience-store chain, bought it outright in 2025. Workers organizing in Portland now have a certified union but still no contract two years later.
The Big Picture
Potbelly spent decades as an independent Chicago sandwich shop before going public in 2013 — and in October 2025, RaceTrac, a private convenience-store chain, bought it outright for $566 million, taking it off Nasdaq entirely. Workers at its Portland shop certified a union in 2023 after the company spent nearly $100,000 on union-avoidance consultants and allegedly fired organizers, a case it later settled without admitting wrongdoing. Today Potbelly answers to RaceTrac's private ownership, not to any founder, local owner, or public shareholder.
The Dirty Details
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Company data last updated August 2026
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