Today, Subway has 44,268 independently-owned shops in 110 countries, making it the largest fast food franchise in the world. [18][3], At the graduation commencement in 2002, DeLuca received an honorary Doctor of Humane Letters (L.H.D.) He said that the local franchisee got out of the ownership of the local franchises and that he is working to analyze each location to determine which to maintain, close and potentially new locations. Subway is a privately held company headquartered in Milford, Connecticut. "[11] The third outlet was in a highly visible location[7] and that location is still there today. Subway has been in the news recently for the scandal involving the company's former spokesman, Jared Fogle. Subway is a privately held company headquartered in Milford, Connecticut. Since then, Subway has averaged 1,500 new stores a year, across North and South America, Europe, Asia, and Australia. Federal investigators found that a great deal of Subway franchisees were immigrants and/or young couples who invested their life savings but did not fully understand the Subway contracts requiring minimum investments, royalty payments, and fees for advertising. The company had revenue of $18 billion in 2012. [3], "Fred DeLuca, Hands-on Co-Founder of Subway Sandwich Chain, Dies at 67", "Fred DeLuca, Co-Founder of Subway Sandwich Chain, Dies at 67", "20th Century Great American Business Leaders database", "DeLuca, Fred – Overview, Personal Life, Career Details, Chronology: Fred DeLuca, Social and Economic Impact – Subway, Store, Company, and Food – JRank Articles", "Subway Passes McDonald's For Most Fast-Food Restaurants", "Entrepreneur's Hall of Fame: Fred DeLuca", "Early Fast Fooderies-Where They all Started", "Subway Plans to Close 500 U.S. Stores, Build Global Reach", "Subway sandwich co-founder has leukemia", "Subway co-founder attends meeting mid leukemia battle", "Subway Co-Founder, CEO Fred DeLuca Dies at 67", https://en.wikipedia.org/w/index.php?title=Fred_DeLuca&oldid=987527396, Businesspeople from Bridgeport, Connecticut, Infobox person using certain parameters when dead, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 7 November 2020, at 16:57. It is highly unlikely that number has increased in the last eight years. Greetings subway owner. In 2007, Forbes magazine named DeLuca number 242 of the 400 richest Americans with a net worth of $1.5 billion. The company doesn't own a single location, but collects 8% of revenue from each franchise. Family members staffed the store and helped grow the business. [16][17] DeLuca died on September 14, 2015, at Lauderdale Lakes, Florida. DeLuca had to take a $1,000 loan to start his business. Fred DeLuca net worth: Fred DeLuca is an American businessman who has a net worth of $2.8 billion. [2], Fred DeLuca was born in Brooklyn, New York, on October 3, 1947[3] to Italian American parents Carmela and Salvatore DeLuca. Sales have not gone up nationally, but costs have. [7] DeLuca's plan was to begin a "fast-food venture that provided a healthful, less fattening bill of fare". I had read that Subway requires all owners to be operators. Fogle, who famously lost more than 200 pounds by eating nothing but Subway sandwiches, had his home raided last month as part of a child pornography investigation. This is worth saying again. Net worth US$3.5 billion (2015) Title Founder/President of Subway (1965–2015) Spouse(s) Elisabeth (1966–2015; his death) Children 1 Relatives Suzanne Greco (sister) DeLuca was diagnosed with leukemia in 2013 while traveling around, visiting franchises. He rented a store for $165 a month and opened on August 28, 1965. The company had revenue of $18 billion in 2012. A North Carolina woman has sued the owner of a Subway outlet after he allegedly slapped her during a dispute over a sandwich. [7], On July 15, 2013, DeLuca announced that he was being treated for leukemia. He made enough, at least, to cover his tuition at the University of Bridgeport. Frederick Adrian DeLuca (October 3, 1947 – September 14, 2015) was an Italian-American businessman and co-founder of the Subway franchise of sandwich shops. [8] This was after Buck suggested the idea to help DeLuca make money for college[6][9] to study medicine. Recently, he made his sister Suzanne Greco in charge of day-to-day operations as President of Subway. He signed all the company checks, made the big decisions, and traveled the country undercover in an old car to stop at Subway franchises and sample the food and service. DeLuca had homes in Milford, Connecticut, and Fort Lauderdale, Florida,[14] and lived with his wife Elisabeth. [4] At the age of 10, DeLuca moved to Amsterdam, New York, where he and his family became friends with Peter Buck. This location earns about 15K a month profit. DeLuca's first sandwich shop was named Pete's Submarines in a nod to his friend Peter Buck, who had loaned him the money to start the business. Fred DeLuca had a net worth of The company had revenue of $18 billion in 2012. In 2016, Subway closed hundreds of restaurants in the U.S., experiencing a net loss in locations for the first time. You mentioned 10 hours per week in your stores. Subway (also known as Doctor's Associates Inc. [4]) is an American fast food restaurant franchise that primarily sells submarine sandwiches (subs), salads and beverages. Eventually in 1968, it was shortened to simply "Subway" as it is known today. Subway is owned and operated by Doctor's Associates. Eureka City Manager Miles Slattery told me, " I was contacted by the owner of the Subway franchises in northern California. His son, Jonathan, lives in Boca Raton, Florida. DeLuca and Peter Buck also partnered to create Franchise Brands[15] in an effort to assist other entrepreneurs in replicating their success in the franchise industry. Interior of a Subway franchise in Huntington, Virginia designed in the new style. 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