Subway mogul Peter Buck dies at age 90 after co-founding Pete’s Super Submarines’ in 1965
The co-founder of the world’s largest fast food chain – Subway – has died aged 90.
Peter Buck, a nuclear physicist born in Portland, Maine, in 1930, died Nov. 18 at a Connecticut hospital, Subway said in a statement. The cause of his death was not disclosed.
When he was 17, family friend Fred DeLuca had asked Buck how he could earn some money to pay for his studies. Buck’s answer? Open a sandwich shop.
In 1965, Dr. Buck – who provided $1,000 in seed funding – and DeLuca “Pete’s Super Submarines” in Bridgeport, with the most expensive sandwich selling for 69 cents.
The day their store opened, August 28, 1965, Dr. Buck and De Luca their long subs, which are still a staple of the chain’s menu today.
The duo changed the name to ‘Subway’ three years later and decided to chain it up through franchising – a move that would eventually make them both billionaires.
Forbes estimated Buck’s wealth at $1.7 billion. DeLuca died in 2015 at the age of 67.
Subway says it now has more than 40,000 locations worldwide, with more than McDonald’s and Starbucks, which have approximately 39,200 and 32,000 respectively.
The first Subway branch in the UK opened in 1996 in Brighton.
The co-founder of the world’s largest fast food chain – Subway – has died aged 90. Peter Buck, a nuclear physicist born in Portland, Maine, in 1930, died Nov. 18 at a Connecticut hospital, Subway said in a news release. pronunciation. The cause of his death has not been disclosed
When he was 17, family friend Fred DeLuca had asked Buck how he could earn some money to pay for his studies. Buck’s answer? Open a sandwich shop. In 1965, Dr. Buck – who provided $1,000 in seed funding – and DeLuca ‘Pete’s Super Submarines’ in Bridgeport, with the most expensive sandwich selling for 69 cents
In 2002 Subway opened its 100th store in the British Isles and by the end of 2003 that number had doubled. As of this month, there are 2,209 points of sale.
“We haven’t made a profit for 15 years,” Buck told The Wall Street Journal in 2014.
When asked if he ever thought the chain would get that big, he told the newspaper, “Well, I always thought we were going to get bigger and bigger, but I really didn’t have a specific number in mind.”
A physicist, Buck was hired by General Electric in 1957 at a lab in Schenectady, New York, and worked on nuclear power plants for US Navy submarines and ships.
dr. Buck was the first in his family to attend college. He graduated in 1952 and then obtained his doctorate in physics.
He later worked for United Nuclear in White Plains, New York, and Nuclear Energy Services in Danbury, where he made his home, according to an obituary prepared by his family.
After Subway opened, DeLuca (pictured above with his mother) enlisted the help of his family to work as a staff. His mother became a business manager after weekly planning meetings at her kitchen table
dr. Buck and De Luca changed their outlet name after people listening to radio ads thought ‘Pete’s Submarines’ sounded like ‘Pizza Marines’
He also pursued philanthropy and made significant donations to many organizations, including the Smithsonian Institution, to which in 2004 he donated a 23-carat ruby named after his late second wife, Carmen Lucia Buck.
After Subway opened, DeLuca enlisted the help of his family to work as a staff. His mother became a business manager after weekly planning meetings at her kitchen table.
dr. Buck and De Luca changed the name of their outlet after people listening to radio ads thought “Pete’s Submarines” sounded like “Pizza Marines.”
In the US, sandwiches were long called subs because their shape resembled that of a submarine.
dr. Buck and De Luca fueled the growth of their business through franchising, in which owners allow other businessmen to open Subway stores in exchange for fees.
In 1988 Subway had 2,000 locations. In 1990 it reached the limit of 5,000 stores. And in 1994, it had more than 8,000 locations.
Subway says it now has more than 40,000 locations worldwide, topping McDonald’s and Starbucks
Metro: a brief history
1965: Fred DeLuca asks family friend Peter Buck how he can earn some money to pay for his studies.
Buck tells him to open a sandwich shop and provides seed capital of $1,000.
The first outlet – ‘Pete’s Super Submarines’ – opens in 1965 in Bridgeport Connecticut.
1968: Buck and Deluca decide to change the company’s name to Subway.
1971: Fred graduates from the University of Bridgeport in Connecticut with a degree in psychology by paying with the money he made at the sandwich shop.
No longer aspiring to be a doctor, he continues to expand his business with co-founder Peter Buck.
1974: Fred DeLuca and Peter Buck reach their goal of owning 32 stores. This is the year they decide to open a franchise in a key to growth.
1978: Subway opens its 100th branch.
1987: Subway opens its 1000th branch.
2007: Forbes magazine named DeLuca number 242 of the 400 richest Americans with a net worth of $1.5 billion. His net worth was recently $3.5 billion
2013: The company has 39,500 franchise locations worldwide.
2013: Fred DeLuca Announces He’s Entering Treatment for Leukemia
2015: Fred DeLuca dies of cancer at age 67 and his sister Suzzane Greco takes his place as CEO of the company
2021: Peter Buck dies aged 90