Subway co-founder Peter Buck, who turned $ 1,000 into $ 1 billion, dies

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Subway co-founder Peter Buck, who turned his initial investment of $ 1,000 into more than $ 1 billion, died Thursday at the age of 90, the company confirmed. With more than 40,000 branches worldwide, Subway is today the largest submarine sandwich chain in the world. . Buck, the company’s last surviving founder, left a net worth of $ 1.7 billion, according to Forbes. “We are deeply saddened by the passing of one of the founders of Subway, Dr. Peter Buck. He was a shining example of a dedicated and dedicated man. Leader and full member 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 an underwater sandwich shop to help the freshman make money for university. Buck, who was a nuclear physicist, provided an initial investment of $ 1,000, and “Pete’s Super Submarines” opened in Bridgeport, Connecticut. In 1974, the two owners and operators of 16 stores in Connecticut, then began franchising them. According to foodservice research and consulting firm Technomic, sales at Subway’s US branches have plummeted in recent years. Amid competition from other fast food companies, sales at system scale at Subway’s U.S. branches fell to $ 8.3 billion in 2020, from $ 12.3 billion in 2013, its best year in the past 15, according to Technomic analysis. in the 1970s and 1980s it “owned” personalization, said Robert Byrne, director of consumer and industry information at Technomic, which means customers can choose what they want in real time. Now customers can create their own burritos, salads, sandwiches or bowls, creating fierce competition in the space. As more restaurants offer personalized options, “we want to continue to… dominate this space,” Chidsey said earlier this year. Subway revamped their menu with new recipes and toppings in July, which helped the company increase sales in August 2021. Buck’s Subway founder DeLuca 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 received his masters and doctorate degrees in physics from Columbia University. His philanthropic efforts were managed by the Peter and Carmen Lucia Buck Foundation, which he founded with his late wife in 1999.

Subway co-founder Peter Buck, who turned his initial investment of $ 1,000 into more than $ 1 billion, died Thursday at the age of 90, the company confirmed.

With more than 40,000 branches worldwide, Subway is today the largest submarine sandwich chain in the world. Buck, the company’s last surviving founder, left a net worth of $ 1.7 billion, according to Forbes.

“We are deeply saddened by the passing of one of the founders of Subway, Dr. Peter Buck. He was a shining example of a dedicated and practical leader and an integral member of the Subway family, ”John Chidsey, CEO of Subway, said in a statement.

In 1965, Buck gave his family friend, Fred DeLuca, the idea of ​​opening an underwater sandwich shop to help the freshman earn money for college. Buck, who was a nuclear physicist, provided an initial investment of $ 1,000, and “Pete’s Super Submarines” opened in Bridgeport, Connecticut.

By 1974, the two owned and operated 16 stores in Connecticut, and then began franchising them. According to foodservice research and consulting firm Technomic, sales at Subway’s U.S. branches have fallen in recent years. Amid competition from other fast food companies, system-wide sales at Subway’s U.S. branches fell to $ 8.3 billion in 2020, from $ 12.3 billion in 2013, its best year of the last 15, according to Technomic analysis.

When Subway rose to prominence in the 1970s and 1980s, it “owned” the personalization, said Robert Byrne, director of consumer and industry information at Technomic, which means customers can choose what they want. ‘they want in real time. Now customers can create their own burritos, salads, sandwiches or bowls, creating fierce competition in the space. As more restaurants come up with personalized options, “we want to continue to dominate this space,” Chidsey said earlier this year.

Subway revamped its menu with new recipes and toppings in July, which helped the company increase sales in August 2021.

Buck’s Subway founder DeLuca 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 received his masters and doctorate degrees in physics from Columbia University.

His philanthropic efforts were managed by the Peter and Carmen Lucia Buck Foundation, which he founded with his late wife in 1999.

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