Potbelly under pressure from activist investor to sell
June 23, 2017
Restaurants and Bars | Chicago, IL
In a letter to the board of Potbelly, activist investor Ancora Advisors has asked that it consider a sale or a change in its franchising structure, citing a failure "to translate strong unit level returns" into shareholder value. Since its 2013 IPO at roughly $31 per share, Potbelly (NASDAQ: PBPB) has declined in value to a market cap of some $279 million as of Thursday. Late last month, Potbelly announced that Aylwin Lewis will step down as chairman & CEO on August 8 after nine years with the company, per an SEC filing.