Subway has more than 40,000 locations around the world, making it the number one franchise in the fast food restaurant industry.
Photo: Joe Raedle / .
Peter Buck, the man who co-founded Subway in 1965 and made it a huge global franchise, has passed away. at the age of 90 on November 18, without disclosing the causes of his death, announced Fox Business.
Mr. Buck was born in Portland, Maine, in 1930 and not only was he a successful businessman, he was also a nuclear physicist. He was hired by General Electric in 1957 in a laboratory in Schenectady, New York, and worked in atomic power plants for submarines and ships of the United States Navy.
Later, Buck worked for United Nuclear in White Plains, New York, and Nuclear Energy Services in Danbury, where he made his home.
When he was 17, a family friend, Fred DeLuca, asked Buck how he could earn money to help pay for college. Determined, Buck recommended opening a sandwich shop..
By 1965, Buck and DeLuca set up “Pete’s Super Submarines” in Bridgeport, where their most expensive sandwich sold for 69 cents on the dollar.
Three years later, the young entrepreneurs changed the name to “Subway”. Knowing that they were widely accepted, they decided to turn it into a chain through franchising, an action that turned them both into billionaires.
Buck once commented that they did not make a profit for 15 years, although he always thought they would be successful without having a certain number in mind.
At the time Forbes estimated Buck’s net worth at $ 1.7 billion..
His friend and partner DeLuca, after a successful career and full life, died at 67 years of age in 2015.
Subway says it has more than 40,000 locations around the world, surpassing McDonald’s and Starbucks., making it the number one franchise in the fast food restaurant industry.
Buck was also a philanthropist and made significant donations to many organizations. To the Smithsonian Institution, he donated a 23-carat ruby named after his late second wife, Carmen Lucia Buck, in 2004.
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