Here's one surefire, time-tested economic indicator that assures an incoming recession: a planned auction of Subway sandwich shops, announced to be up for sale several weeks ago, isn't drawing in the bids that the chain expected.

The chain is now being valued at just $7 billion, far below the $10 billion it was originally looking for from the auction, according to the NY Post.

The company never set a deadline for a second round of bidding after a first round in February passed, the report says. Offer deadlines are being pushed back until later this month in order to "give suitors more time to conduct due diligence, according to sources close to the process", the report reads.

Poster Comment:

A 30% cut in valuation is significant.