Potbelly
Added Apr 29, 2020
Potbelly Corporation is a publicly traded restaurant chain with almost 500 locations. Headquartered in Chicago, Potbelly is best known for their submarine sandwiches and “olden time” décor.
Company Behavior Summary
- Despite having around 7,000 employees, Potbelly applied for and secured a $10 million forgivable Paycheck Protection loan intended for small businesses from JPMorgan Chase.
- Just four days before Potbelly publicly secured their loan they paid an exec a $100,000 bonus even though the company announced on March 30 that it would temporarily reduce senior executive pay by 25 percent due to the pandemic.
- It should be noted that they returned the money after publicity regarding this loan went viral.
Sources
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