Subway Closes 909 Stores In 2017: It’s The “Beginning Of A Crisis”
by Tyler Durden
ZeroHedge.com
Dec 22, 2017
Earlier this year, we reported that in its 52-years of operation sandwich chain Subway – for the first time ever – contracted in 2016, closing 359 U.S. locations. Bloomberg described the situation as the “biggest retrenchment in the history of the restaurant chain” whose total store count dropped 1.3% from 27,103 in 2015 to 26,744, while the company failed to keep up with the latest fast-food eatery trends.
“Subway is in the midst of a massive transformation, and change of this size takes time,” a representative for the company told Business Insider. “Our goal is to strengthen the Subway brand in every market around the world to give Subway franchisees the greatest opportunity to successfully grow their businesses.”
Confirming that Subway has indeed peaked in its 5 decades-long business cycle, even as management desperately attempts to engineer a soft landing, a Subway representative said that another 909 locations have been closed in 2017, representing more than 3% of the chain’s 2016 U.S. stores.
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