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Subway planning to close 500 sandwich shops this year

27 April, 2018, 01:15 | Author: Kristi Dunn
  • A Subway fast food restaurant's sign is shown Monday Oct. 24 2016 in New York

The company has not yet released a list of which stores or locations that will be closing.

Subway now has about 2,600 locations in the U.S. The restaurant's sales dropped 4.4 percent previous year due to competition from newer chains and other fast food options. Still, that leaves Subway with more than 25,000 sandwich shops in the United States.

The worldwide expansion plan will put Subway restaurants in Mexico, the U.K., Germany, South Korea, India, and China, CEO Suzanne Greco told Bloomberg. "We focused in the past on restaurant count".

Sandwiches can be found in fast-food chains, gas stations, Panera Bread, Starbucks, and even outlets not previously seen as competitors such as Target and Walgreens, according to Fortune. Their plans are to concentrate the opening of new stores in Germany, Great Britain and Asia.

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The company is now focusing on several initiatives to boost sales, which fell by 4.4 percent past year.

Subway launched a new line of wraps earlier this year and a loyalty program, called Subway MyWay Rewards. Simultaneously, outside of North America we expect to open more than 1,000 new restaurants this year.

No word on which Subway locations are on the chopping block. The 50-year-old sandwich chain has had strong competition from a growing trend of grab-and-go fare and other sandwich chains, according to Bloomberg.

All Subway stores are franchise owned, rather than owned by the company. "Our commitment to the Franchisees is to work with them to make each restaurant more successful".

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