Potbelly
Dining · 460+ locations · IL (Chicago, headquarters) and other states nationwide, plus DC
Potbelly built its name as an independent Chicago sandwich shop, but it is no longer independently owned: RaceTrac, the convenience-store chain, bought it outright in 2025. Workers in Portland certified a union in 2023, and no contract has been reported since.
The Big Picture
Potbelly spent decades as an independent Chicago sandwich shop, then went public in 2013. In October 2025 RaceTrac, a private convenience-store chain, bought it outright for $566 million and took it off Nasdaq. Workers in Portland certified a union in 2023 after Potbelly spent nearly $100,000 on union-avoidance consultants and allegedly fired organizers; it settled without admitting wrongdoing. It answers to RaceTrac, not to a founder or shareholders.
The Dirty Details
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Company data last updated September 2026
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