Wednesday, September 16, 2015
Associated Press
NEW YORK
Subway co-founder Fred DeLuca, who turned a sandwich shop he started as a teenager into the world’s largest fast-food chain, died Monday evening. He was 67.
DeLuca’s death came two years after Subway said he had been diagnosed with leukemia and was scaling back on his leadership role at the company. It also came just weeks after the 50th anniversary of Subway, which is known for its “Footlong” sandwiches and says it has more than 44,000 locations around the world.
The company traces its roots to 1965, when DeLuca opened a sandwich shop at age 17 to help pay for college. The idea came from a family friend, Peter Buck, who was co-founder and provided the $1,000 to start the business.
“I knew nothing about making sandwiches, nor the food industry,” DeLuca later wrote in a book.
DeLuca and Buck opened their first store in Bridgeport, Conn., under the name “Pete’s Super Submarines,” with the priciest sub selling for 69 cents. The name was changed to the snappier “Subway” in 1968, and the pair decided to fuel growth by franchising, or letting others open Subway stores in exchange for fees.
By 1988, Subway had 2,000 locations. By 1990, it reached the 5,000-store mark. And by 1994, it had more than 8,000 locations.
Subway, based in Milford, Conn., is privately held and doesn’t publicly report its financial performance or executive pay packages. But this year, Forbes magazine pegged DeLuca’s net worth at $3.5 billion, making him the 259th-richest individual in the United States.
In July 2013, Subway announced that DeLuca had been diagnosed with leukemia. It said DeLuca was in regular contact with his management team, but on a reduced basis as he received treatment.