Subway’s co-founder, aged 90, has passed away.
Subway released a statement saying that Peter Buck was a nuclear scientist who was born in Portland Maine in 1930. His cause of death has not been disclosed.
Fred DeLuca, a family friend of Buck’s at 17, asked him how he could earn some extra money to pay college tuition. Buck’s answer? Start a sandwich store.
In 1965, Dr Buck – who provided start-up funds of $1,000 – and DeLuca opened ‘Pete’s Super Submarines’ in Bridgeport, with the priciest sandwich selling for 69 cents.
On August 28, 1965 Dr Buck and De Luca opened their first shop. They sold all of their foot-long subs.
They changed Subway’s name three years later to Subway, and then decided to franchise the company to create a chain. This would make them each billionaires.
Forbes estimated Buck’s net worth to be $1.7 million. DeLuca, who was 67 years old, died in 2015.
Subway reports that it has over 4000 locations around the world, surpassing McDonald’s, Starbucks and McDonald’s, who have approximately 39,200, 32,000, and respectively.
In 1996, the first Subway store opened in Brighton.
Subway’s founder, Peter Buck, has passed away at the age of 90. Peter Buck, a nuclear scientist who was born at Portland, Maine in 1930, has died in Connecticut, Subway stated in a statement. His cause of death has not been disclosed
Fred DeLuca, a family friend of Buck’s at 17, asked him how he could earn some extra money to pay college tuition. Buck’s answer? You can open a sandwich shop. In 1965, Dr Buck – who provided start-up funds of $1,000 – and DeLuca opened ‘Pete’s Super Submarines’ in Bridgeport, with the priciest sandwich selling for 69 cents
Subway had opened 100 stores in British Isles by 2002. By 2003, the number was nearly double. There are now 2,209 outlets.
Buck said to The Wall Street Journal, “We didn’t make any profit for fifteen years.”
When asked if he thought that the chain would become so large, he replied, “Well, I thought we’d grow bigger and larger, but I didn’t really have any specific number in mind.”
Buck joined General Electric as a physicist in 1957. The laboratory was located in Schenectady (New York). He then worked at the atomic power plants that powered U.S. Navy subs and ships.
He was the first member of his family to attend college. His 1952 graduation was his first major. He then received his doctorate degree in Physics.
His family prepared an obituary.
DeLuca, pictured with his mother above, joined Subway to become a staff member. Following weekly planning meetings held at her kitchen table each week, DeLuca’s mother was appointed company officer.
Following people’s confusion about the sound of ‘Pete’s Submarines’ in radio advertisements, De Luca and Dr Buck changed their name to reflect this.
Additionally, he pursued philanthropy and made significant donations to several organizations. He gave the Smithsonian Institution a 23-carat Ruby named after Carmen Lucia Buck in 2004, which was also his second wife.
DeLuca hired his family as employees after Subway was opened. Following weekly planning meetings held at the kitchen table each week, DeLuca’s mother became company officer.
After people heard radio ads that sounded like ‘Pete’s Submarines’, Dr Buck and De Luca decided to change the name of their outlet.
Subs are sandwiches in America. Their shape is similar to that of submarines.
Dr Buck and De Luca fuelled the growth of their business through franchising – where owners allow other businessmen to open Subway stores in exchange for fees.
Subway operated 2,000 stores by 1988. In 1990 it had 5,000 locations. It had over 8,000 locations by 1994.
Subway claims it has over 40,000 locations around the world, surpassing McDonald’s or Starbucks
Subway: Short history
1965Fred DeLuca questions Peter Buck, a family friend, about how he could make enough money to pay college tuition.
Buck advises Buck to open a sandwich store and provides $1,000 in start-up capital.
In Bridgeport Connecticut in 1965 opened the first outlet – ‘Pete’s Super Submarines’.
1968Buck and Deluca make the decision to change Subway’s company name.
1971Fred is a graduate of the University of Bridgeport (Connecticut) with a psychology degree. His tuition was paid for by the money he earned from his sandwich shop.
Peter Buck is now a successful entrepreneur and he no longer dreams of being a doctor.
1974Fred DeLuca, Peter Buck achieve their 32-store goal. They decide to open a franchise as a way of growing their business.
1978Subway’s 100th Outlet Opens
1987Subway open its 1000th location.
2007:Forbes magazine ranks DeLuca as number 242 in its 400-richest Americans list with a net value of $1.5 million. Recently, his net worth was $3.5 billion
2013It has 39,500 locations around the world.
2013:Fred DeLuca announced that he will be receiving treatment for Leukemia
2015Fred DeLuca, 67, dies from cancer. His sister Suzzane Greco becomes the company’s CEO
2021Peter Buck, 90 years old, dies