With more than 40,000 locations worldwide, Subway is today the largest submarine sandwich chain in the world. Buck, the company’s last living founder, is left with a net worth of $1.7 billion, according to
Forbes.
“We are deeply saddened by the passing of one of Subway’s founders, Dr. Peter Buck. He is a shining example of a dedicated, hands-on leader and an indispensable member of staff. of the Subway family,” said John Chidsey, CEO of Subway, in a statement.
In 1965, Buck gave his family friend,
Fred DeLuca, the idea of opening a submarine sandwich shop to help a college freshman earn money for college. Buck, a nuclear physicist, provided an initial investment of $1,000, and “Pete’s Super Submarine” was opened in Bridgeport, Connecticut.
By 1974, the two owned and operated 16 stores in Connecticut and subsequently began franchising them. Sales at Subway locations in the US have declined in recent years, according to food service research and consulting firm Technomic. Amid competition from other fast food companies, system-wide revenue at Subway locations in the US fell to $8.3 billion in 2020, down from $12.3 billion in 2016. 2013, the best year in 15 years, according to Technomic analysis.
Robert Byrne, director of consumer and industry insights at Technomic, said when Subway first rose to prominence in the 1970s and ’80s, it “owns” the ability to customize. Customers can now make their own burgers, salads, sandwiches or bowls, creating fierce competition in the space. As more restaurants offer customization options, “we want to continue… to dominate that space”
Chidsey said earlier this year.
Subway
its menu improvements With new recipes and toppings in July, this has helped the company
increase its sales in August 2021.
DeLuca, the co-founder of Buck’s Subway, passed away in 2015 at the age of 67.
Buck was born in 1930 in South Portland, Maine. He graduated from Bowdoin College in 1952 and earned his master’s and doctorate in physics from Columbia University.
His philanthropic efforts are managed by the Peter and Carmen Lucia Buck Foundation, which he founded with his late wife in 1999.
CNN’s Danielle Wiener-Bronner contributed to this report.
