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Subway sandwich chain co-founder Peter Buck dies at age 90 | WGN Radio 720

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Danbury, Connecticut (AP) — Invested $ 1,000 in a family friend’s Connecticut sandwich store in 1965, Peter Buck provided the origin of Subway, now the world’s largest restaurant chain. He was 90 years old.

The subway said in a statement that Buck, a nuclear physicist born in Portland, Maine, died on November 18 at a hospital in Danbury, Connecticut. The cause of his death has not been revealed.

At the age of 17, his family friend Fred DeLuca asked Buck how he could make money to help pay for college. Back answer? Open a sandwich shop.

In 1965, he and DeLuca opened “Pete’s Super Submarines” in Bridgeport, selling the most expensive sandwiches for 69 cents.

The duo changed its name to “Subway” three years later and decided to franchise it into a chain. This is a move that will eventually make both billionaires. Forbes estimated Buck’s net worth at $ 1.7 billion. DeLuca died in 2015 at the age of 67.

According to Subway, it currently has more than 40,000 locations worldwide, surpassing McDonald’s and Starbucks.

“We haven’t made a profit for 15 years,” Buck told The Wall Street Journal in 2014.

Asked if he had ever thought the chain would grow so big, he told the newspaper, “Well, we always thought we’d get bigger and bigger, but we didn’t really think of a certain number.”

As a physicist, Buck was hired by General Electric at the Institute in Schenectady, New York in 1957 to work at the US Navy’s submarines and ships’ nuclear power plants. According to an obituary produced by his family, he later worked at United Nuclear and Danbury’s Nuclear Energy Services in White Plains, NY, where he built a house.

He also pursued philanthropy, making large donations to many organizations, including the Smithsonian Castle, and giving him a 23-carat ruby ​​named after his second wife, Carmen Lucia Bac, who died in 2004. rice field.

Subway sandwich chain co-founder Peter Buck dies at age 90 | WGN Radio 720

Source link Subway sandwich chain co-founder Peter Buck dies at age 90 | WGN Radio 720

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