Potbelly Sandwich Chain to Sell Itself to Convenience-Store Operator RaceTrac

Convenience-store operator RaceTrac struck a deal to purchase Potbelly for roughly $566 million, aiming to continue growing the Chicago-based sandwich chain.

Potbelly Chief Executive Robert Wright said that Potbelly and RaceTrac would remain distinct brands after the deal closes. "Their strategy isn't necessarily to put a Potbelly in every RaceTrac," he said.

Rather, Wright said, the sandwich brand hopes the new ownership will help it reach its goal of 2,000 stores. Potbelly currently operates more than 445 stores across the U.S...

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