Subway closing 500 of its United States stores

An employee passes an order to a customer at the drive-thru of a Subway Restaurants location in Princeton Illinois

An employee passes an order to a customer at the drive-thru of a Subway Restaurants location in Princeton Illinois

Subway now has about 2,600 locations in the U.S. The restaurant's sales dropped 4.4 percent previous year due to competition from newer chains and other fast food options.

More than 1,000 Subway locations will open outside of North America, focusing on the U.K. Germany, India, China and Mexico. 2016 also saw store closings, Bloomberg reported.

"Looking out over the next decade, we anticipate having a slightly smaller, but more profitable footprint in North America and a significantly larger footprint in the rest of the world", the company said on Wednesday. In recent months Subway sources told Business Insider that around a third of the chain's United States locations may not be profitable.

"Subway restaurants are 100% Franchisee owned and operated", a spokesperson said in an email to CNBC. Subway is the world's largest restaurant chain and we are confident we will remain the industry leader.

Meanwhile, the chain is hoping to boost business by launching a new loyalty program, remodeling stores, and adding touch-screen kiosks for ordering. The month before, its new "Make It What You Want" ad campaign began.

Bengal BJP releases poll manifesto, promises pro-people panchayat
He appealed to the CPI-M workers to put the party on a strong footing in every polling booth and constituency. The decision came after a recommendation from the state government that the polls be held on May 14.

Store closings are new for Subway.

In 2015, the face of the company's advertising efforts, Jared Fogel, pleaded guilty to child pornography charges, which could also have something to do with the company's recent struggles.

"People are voting with their feet".

"High volume covers a wealth of sins", Phibbs said.

Subway is a privately-held company, founded in 1965 by Fred DeLuca and Peter Buck.

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