Potbelly Sandwich Shop has hired Alvarez and Marsal as its restructuring adviser, according to sources familiar with the situation, and is said to be weighing its financial options, including bankruptcy.
Potbelly and Alvarez and Marsal did not respond to a request for comment.
Update: Three days after publication of this story, a Potbelly spokesperson responded: “We have not engaged this firm and have no plans to do so.”
Sources said although Potbelly, which was founded in 1977, was one of the first fast-casual concepts, it has encountered increasing competition.
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