We are saddened to learn of the death of close friend and incredible entrepreneur, Fred DeLuca.
His death comes just weeks after Subway celebrated the company’s 50th anniversary, the company said in a statement that called DeLuca a “franchising visionary.” He opened the first restaurant in Bridgeport, Connecticut in 1965 as “Pete’s Subway”, borrowing $1,000 from family friend Peter Buck, who had suggested he open a shop to sell submarine sandwiches to finance his education.
The pace of growth accelerated considerably after 1974, when DeLuca and Buck sold the right to use the Subway brand to franchisees in return for marketing and other support. Today, Subway boasts 44,270 restaurants in 110 countries, more than McDonald’s, with the biggest representation outside North America in Australia, China, India and Europe. Sales totalled $11.9 billion last year, according to Technomic, a food industry consultant.
View Fred’s induction into the Entrepreneurship Hall of Fame