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Organization and Other Matters | 12 Months Ended
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Dec. 28, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Organization and Other Matters | (1) Organization and Other Matters Business Potbelly Corporation (the “Company” or “Potbelly”), through its wholly-owned subsidiaries, operates Potbelly Sandwich Works sandwich shops in 26 states and the District of Columbia. As of fiscal years ended 2012, 2013 and 2014, the Company had 264, 296 and 334 company-operated shops in operation, respectively. During fiscal year 2012, the Company opened 31 new shops and closed one shop. During fiscal year 2013, the Company opened 34 new shops and closed two shops. During fiscal year 2014, the Company opened 39 new shops and closed one shop. The Company also sells and administers franchises of new Potbelly Sandwich Works sandwich shops. The first domestic and international franchise locations administered by the Company opened during February 2011. As of December 28, 2014, 17 franchised shops were in operation in domestic locations and 12 franchised shops were in operation in the Middle East. During fiscal year 2012, the Company opened seven franchised shops and closed no franchise shops. During fiscal year 2013, the Company opened eight franchised shops and closed no franchise shops. During fiscal year 2014, the Company opened seven franchised shops and closed one franchised shop. Initial Public Offering On October 9, 2013, the Company completed an initial public offering (“IPO”) of 8,625,000 shares of common stock, which included 1,125,000 shares of common stock issued upon the exercise in full of the underwriters’ option to purchase additional shares. The Company sold 8,474,869 shares of common stock and certain stockholders sold 150,131 shares of common stock. The Company received net proceeds from the offering of approximately $108.8 million, after deducting the underwriting discount and other offering expenses. The Company did not receive any proceeds from the shares sold by the selling stockholders. The Company used the net proceeds received from the sale of its shares to pay a previously-declared one-time cash dividend of $49.9 million on shares outstanding on October 8, 2013 and also to repay borrowings of approximately $14.0 million under its senior credit facility. During fiscal year 2014, the Company used approximately $10.2 million of the net proceeds to repurchase common stock pursuant to the share repurchase program authorized by the Company’s Board of Directors on August 1, 2014. The Company will continue to use the remaining proceeds for share repurchases, working capital and general corporate purposes.

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