MILFORD, CONN. — What began as speculation in a Wall Street Journal article has now been verified — The Subway quick-service chain is for sale. Doctor’s Associates Inc., the owner of the business, did not establish a timeline for when a sale may happen, saying only that it will conduct a “sales exploration process.”

The disclosure the chain is for sale follows news earlier this month that the company exceeded its sales expectations during 2022, with same-store sales rising 9% when compared to 2021 and 29% when compared to 2020.

“As part of our journey to transform the brand, we are improving across every aspect of our business, and, after two years of record sales results, we can confidently say that Subway is getting its swagger back,” said John Chidsey, chief executive officer of Subway. “Across every region, the team’s efforts have set the stage for another year of strategic and profitable growth and exciting enhancements to our guest experience.”

Globally, Subway operates approximately 37,000 restaurants in over 100 countries. In North America, its largest market, the company has approximately 20,000 restaurants.

Management has been focused on upgrading the chain’s menu and enhancing how it interacts with customers. In 2021, Subway revamped its menu with the introduction of its “Eat fresh refresh” program that included more than 20 sandwich updates and the launch of 11 new products.

In 2022, Subway outlined plans to expand its non-traditional business segment. Traditional locations within this initiative included airports, colleges and hospitals. Management sees new opportunities in convenience stores and casinos through its Grab and Go platform that launched in 2020.

The Wall Street Journal reported that the business may be valued at more than $10 billion.