• Subway is looking to put itself up for sale in a deal that could fetch more than $10 billion, according to the WSJ. 
• The reported decision comes a little more than a year after the company's last surviving founder died in 2021.
• Subway is undergoing a revamp under CEO John Chidsey after facing slumping sales and store closures.

Subway is exploring a sale that could value the sandwich chain at more than $10 billion, according to a report from the Wall Street Journal. 

The sandwich chain is reportedly looking to court corporate buyers or private-equity companies but is still early in the process.

The reported decision comes a little more than a year after the company's last surviving founder, Peter Buck, died in 2021. Subway is privately owned by its two founding families. 

In a statement to Insider, a Subway spokesperson said: "As a privately held company, we don't comment on ownership structure and business plans. We continue to be focused on moving the brand forward with our transformational journey to help our franchisees be successful and profitable."

Subway, one of the world's largest franchises, is currently undergoing a revamp under CEO John Chidsey. 

Over the last several years, the company has faced slumping sales, closing stores, and accusations that its tuna isn't actually tuna after the New York Times published a report stating that it found no tuna DNA in Subway's tuna sandwiches.

In 2021, the company kicked off an ambitious menu overhaul, with "improvements to almost every core menu item," according to a press release.