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===Development since the 2000s=== In 2004, Subway began opening stores in [[Walmart]] supercenters, and surpassed the number of [[McDonald's]] locations inside U.S. Walmart stores in 2007.<ref>{{cite news |url=http://www.huffingtonpost.com/2007/09/13/walmart-dumps-mcdonalds-f_n_64322.html |title=Wal-Mart Dumps McDonald's For Subway As In-Store Restaurateur |work=Huffington Post |date=September 13, 2007 |access-date=September 1, 2013 |first=Michelle |last=Kung |archive-date=August 31, 2016 |archive-url=https://web.archive.org/web/20160831234228/http://www.huffingtonpost.com/2007/09/13/walmart-dumps-mcdonalds-f_n_64322.html |url-status=live }}</ref> Since 2007, Subway has consistently ranked in the ''[[Entrepreneur (magazine)|Entrepreneur]]'' [[Franchise 500]]. In 2015, it ranked third on the "Top Global Franchises" list, and first as the "Fastest Growing Franchise."<ref>{{cite web |archive-url=https://web.archive.org/web/20160112220817/https://www.entrepreneur.com/franchises/topglobal |archive-date=2016-01-12 |access-date=2018-06-09 |work=[[Entrepreneur (magazine)|Entrepreneur]] |title=2015 Top Global Franchises |url=https://www.entrepreneur.com/franchises/topglobal}}</ref><ref>{{cite web |archive-url=https://web.archive.org/web/20160109220038/https://www.entrepreneur.com/franchises/fastestgrowing |archive-date=2016-01-09 |access-date=2018-06-09 |work=[[Entrepreneur (magazine)|Entrepreneur]] |title=2015 Top Fastest Growing Franchises |url=https://www.entrepreneur.com/franchises/fastestgrowing}}</ref> At the end of 2010, Subway became the largest fast food chain worldwide– with 33,749 restaurants; 1,012 more than McDonald's.<ref name="Subway Runs Past McDonald's Chain">{{cite news |url=https://www.wsj.com/articles/SB10001424052748703386704576186432177464052 |title=Subway Runs Past McDonald's Chain |publisher=wsj.com |access-date=January 20, 2014 |first=Julie |last=Jargon |date=March 8, 2011 |archive-date=December 27, 2014 |archive-url=https://web.archive.org/web/20141227175101/http://www.wsj.com/articles/SB10001424052748703386704576186432177464052 |url-status=live }}</ref> In January 2015, [[Suzanne Greco]] became president and CEO. Her brother Fred DeLuca, the company's first CEO, had been ill for two years and died of leukemia in September 2015.<ref>{{cite web |url=https://restaurantleadership.com/speaker/suzanne-greco/ |archive-url=https://web.archive.org/web/20171004035737/https://restaurantleadership.com/speaker/suzanne-greco/ |url-status=dead |archive-date=October 4, 2017 |title=Suzanne Greco - Restaurant Leadership Conference 2017 |publisher=Restaurantleadership.com |date=April 9, 2017 |access-date=July 4, 2017}}</ref> In 2016, Subway closed hundreds of restaurants in the U.S., experiencing a net loss in locations for the first time. However, with 26,744 locations, it remained the most ubiquitous restaurant chain in the U.S. (with McDonald's in the #2 spot).<ref>{{cite news |last1=Patton |first1=Leslie |title=Subway Shuts Hundreds of U.S. Stores |url=http://www.businessinsider.com/subway-closed-hundreds-of-stores-2017-4 |access-date=April 20, 2017 |work=[[Bloomberg News]] |date=April 20, 2017 |archive-date=April 20, 2017 |archive-url=https://web.archive.org/web/20170420181944/http://www.businessinsider.com/subway-closed-hundreds-of-stores-2017-4 |url-status=live }}</ref> In July 2017, Subway unveiled redesigned restaurants, dubbed 'Fresh Forward',<ref name="Fresh Forward">{{cite web|url=http://www.multivu.com/players/English/8139451-subway-new-fresh-forward-restaurant-design/|title=Subway Brings "Fresh Forward" With New Restaurant Design, Customer Experience|work=Multivu|date=July 17, 2017|access-date=July 17, 2017|archive-date=July 18, 2017|archive-url=https://web.archive.org/web/20170718012902/http://www.multivu.com/players/English/8139451-subway-new-fresh-forward-restaurant-design/|url-status=live}}</ref> with new company branding.<ref>{{cite news |last1=Klein |first1=Danny |title=Subway Reveals Major New Brand Look |url=https://www.qsrmagazine.com/design/subway-reveals-major-new-brand-look |access-date=31 March 2021 |work=QSR magazine |date=July 2017 |language=en}}</ref> The company installed self-order kiosks, USB charging ports at tables, and added new menu items.{{citation needed|date=October 2024}} In 2017, Subway closed more than 800 U.S. locations. In April 2018, it announced it would close about 500 more that year. According to Abha Bhattarai of ''[[The Washington Post]]'', this was a result of three consecutive years of falling profits and a 25 percent reduction in foot traffic in Subway stores since 2012. Franchisees also complained that the company's deep promotions further ate away at profits.{{Citation needed|date=July 2024}} In January 2018, Subway invested $25 million in a re-branding campaign targeting young consumers to revitalize its image and boost sales.<ref name=WashingtonPost/> In 2019, John Chidsey joined Subway as the company's first CEO who was not a founding family member. He focused on improving established U.S. locations rather than building new restaurants.<ref name="Shifts">{{cite news |last1=Ruggless |first1=Ron |title=CEO John Chidsey shifts Subway's franchise focus to quality, not quantity |url=https://www.nrn.com/quick-service/ceo-john-chidsey-shifts-subway-s-franchise-focus-quality-not-quantity |access-date=16 August 2023 |work=Nation's Restaurant News |date=18 February 2022 |archive-url=https://web.archive.org/web/20220222231017/https://www.nrn.com/quick-service/ceo-john-chidsey-shifts-subway-s-franchise-focus-quality-not-quantity |archive-date=22 February 2022 |language=en}}</ref> In December 2020, Subway partnered with [[ezCater]] to offer a new online catering platform.<ref>{{Cite web|title=Subway Taps ezCater for Online Catering Roll Out|url=https://www.qsrmagazine.com/news/subway-taps-ezcater-online-catering-roll-out|access-date=2021-03-01|website=QSR magazine|date=December 3, 2020 |language=en}}</ref> In 2023, the family announced that they were in the process of selling the company to private ownership. The company enlisted the help of [[JP Morgan]] with the sale. The price of the company was reported to be around $10 billion.<ref>{{Cite news |date=2023-02-15 |title=Sandwich chain Subway explores sale of business |language=en-GB |work=BBC News |url=https://www.bbc.com/news/business-64645490 |access-date=2023-02-15}}</ref><ref>{{Cite news |last=Seal |first=Dean |title=Subway Confirms It Is Seeking Buyers |url=https://www.wsj.com/articles/subway-confirms-it-is-seeking-buyers-419dc974 |access-date=2023-02-15 |newspaper=Wall Street Journal |date=February 14, 2023 |language=en-US}}</ref> Several potential buyers made offers for the company.<ref name="bloomberg_3.4.23">{{cite news |last1=Barton |first1=Susanne |title=Subway's Potential $10 Billion Sale Draws Goldman, Bain: Sky |url=https://www.bloomberg.com/?sref=CIpmV6x8 |access-date=4 March 2023 |work=Bloomberg.com |date=4 March 2023 |language=en}}</ref> These included the asset management division of investment bank [[Goldman Sachs]], [[TDR Capital]], and [[TPG Inc.]]<ref name="bloomberg_3.4.23"/> On August 24, Subway announced that [[Roark Capital Group|Roark Capital]] would purchase the company for $9.6 billion.<ref>{{Cite web |last=Lucas |first=Amelia |date=2023-08-24 |title=Subway sandwich chain sells itself to Dunkin' owner Roark Capital |url=https://www.cnbc.com/2023/08/24/subway-sells-to-dunkin-owner-roark-capital.html |access-date=2023-08-24 |website=CNBC |language=en}}</ref> The deal's reported value would make it the third-biggest US acquisition in restaurant history, behind [[Burger King]]'s 2014 acquisition of [[Tim Hortons]] for $11.4 billion and [[Inspire Brands]]' purchase of [[Dunkin' Brands]] in 2020 for $11.3 billion.<ref name="sale-news">{{cite web |last1=Maze |first1=Jonathan |date=22 August 2023 |title=The 10 biggest restaurant chain acquisitions |url=https://www.restaurantbusinessonline.com/financing/10-biggest-restaurant-chain-acquisitions |access-date=11 March 2024 |website=Restaurant Business |publisher=[[Informa]] Connect}}</ref> In November 2023, the Federal Trade Commission announced it was looking into investigating the deal as it would possibly give Roark a monopoly in the sandwich shop industry via the firm's existing ownership of Subway's competitors [[McAlister's Deli|McAllister's Deli]] & [[Jimmy John's]].<ref>{{Cite news |last=Schott |first=Paul |title=Report: FTC investigating planned $10B sale of CT-based Subway |url=https://www.ctinsider.com/business/article/report-ftc-investigation-subway-sale-18547101.php |access-date=2024-03-21 |work=CT Insider |language=en |archive-date=March 21, 2024 |archive-url=https://web.archive.org/web/20240321144216/https://www.ctinsider.com/business/article/report-ftc-investigation-subway-sale-18547101.php |url-status=dead }}</ref> On April 30, 2024, Roark officially acquired Subway after the FTC determined that Roark did not have an unfair advantage.<ref>{{Cite web |last=Coley |first=Ben |date=2024-04-30 |title=Subway Finalizes Sale to Roark Capital |url=https://www.qsrmagazine.com/story/subway-finalizes-sale-to-roark-capital/ |access-date=2024-05-01 |website=QSR Magazine |language=en-US}}</ref> On March 19, 2024, Subway signed a 10-year deal with [[PepsiCo]] that began on January 1, 2025, ending the restaurant chain's partnership with [[The Coca-Cola Company]] that was first signed in 2003, went into effect the following year in 2004, and the Coke switchover was completed by 2005.<ref>{{cite news |url=https://www.msn.com/en-us/foodanddrink/foodnews/in-rare-shift-subway-says-it-s-ditching-coca-cola-products/ |title=In 'rare shift,' Subway says it's ditching Coca-Cola products |first=Bill |last=Shannon |publisher=[[MSN]] |date=March 20, 2024 |access-date=March 20, 2024}}</ref><ref name=":0">{{Cite web |date=2024-03-19 |title=Subway will replace Coca-Cola products with Pepsi in 2025 - CBS News |url=https://www.cbsnews.com/news/subway-will-replaces-coke-vs-pepsi-coca-cola-pepsico-2025/ |access-date=2024-03-21 |website=[[CBS News]] |language=en-US}}</ref> Subway's international locations had already gone back to serving Pepsi products between 2015 and 2018.<ref name=":0" /> Pepsi previously had a deal with them when they were founded that lasted until the Coca-Cola switchover.<ref>{{Cite web |last= |first= |date=2003-12-02 |title=Coke in, Pepsi out at Subway |url=https://chiefmarketer.com/coke-in-pepsi-out-at-subway/ |access-date=2024-03-21 |website=Chief Marketer |language=en-US}}</ref>
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