You are here: Home » International » News » Companies
Business Standard

Subway sandwich chain co-founder Peter Buck dies at 90

In 1965, he and DeLuca opened Pete's Super Submarines in Bridgeport, with the priciest sandwich selling for 69 cents

Topics
Subway

AP  |  Danbury (US) 

Peter Buck
Peter Buck | Photo: Forbes

Peter Buck, whose $1,000 investment in a family friend's Connecticut sandwich shop in 1965 provided the genesis for what is now the world's largest restaurant chain has died. He was 90.

Buck, a nuclear physicist who was born in Portland, Maine, in 1930, died at a hospital in Danbury, Connecticut, on Nov 18, said in a statement. The cause of his death was not disclosed.

At 17, family friend Fred DeLuca had asked Buck how he could make some money to help pay for college. Buck's answer? Open a sandwich shop.

In 1965, he and DeLuca opened Pete's Super Submarines in Bridgeport, with the priciest sandwich selling for 69 cents.

The duo changed the name to three years later and decided to turn it into a chain by franchising a move that would eventually make both of them billionaires. Forbes estimated Buck's net worth at $1.7 billion. DeLuca died in 2015 at age 67.

Subway says it now has more than 40,000 locations worldwide, topping McDonald's and Starbucks.

We didn't make a profit for 15 years, Buck told The Wall Street Journal in 2014.

Asked if he ever thought the chain would grow so big, he told the newspaper, Well, I always thought we'd get bigger and bigger, but I really didn't have a certain number in mind.

As a physicist, Buck was hired by General Electric in 1957 at a laboratory in Schenectady, New York, and worked on atomic power plants for US Navy submarines and ships. 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.

He also pursued philanthropy, making significant donations to many organisations including the Smithsonian Institution, to which he gave a 23-carat ruby named after his late second wife, Carmen Lucia Buck, in 2004.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 25 2021. 03:28 IST
RECOMMENDED FOR YOU
.