Potbelly acquired by convenience store chain RaceTrac for $566 million

Core Viewpoint - Potbelly is being acquired by RaceTrac for $566 million, aiming to expand its locations from 445 to 2,000 [2][8]. Group 1: Acquisition Details - The acquisition price is set at $17.12 per share in an all-cash deal [8]. - The deal is expected to close in the fourth quarter of the year [8]. Group 2: Company Background - Potbelly was founded in Chicago in 1977 and currently operates 445 restaurants across the U.S. [2]. - RaceTrac, founded in 1934, is a family-owned company with over 800 locations in 14 states [8]. Group 3: Market Context - The restaurant industry has faced challenges due to the pandemic and rising inflation, impacting customer spending [4][5]. - Despite these challenges, Potbelly has seen rising profits and strong growth in its franchised businesses [4].