On August 8, 2023, Nierenberg Investment Management Company Inc announced that it has engaged with the Potbelly Corporation and urged the Company to repurchase over 8M shares opportunistically over the next 9 years, beginning as soon as possible, pay off its borrowings while prudently maintaining a line of credit, scrutinize all corporate level costs for more savings opportunities, use free cash flow to reduce the share count from 29.3 to 23M, encourage insiders to buy shares.