Fred DeLuca Net Worth 2022: How Rich Was The Subway Owner At The Time Of His Death?

The sandwich store chain Subway was co-founded by American businessman Frederick Adrian DeLuca. The subway became the biggest franchise in the world during his leadership.

Early Life

On October 3, 1947, Fred DeLuca was born in Brooklyn, New York, to Italian American parents Carmela and Salvatore DeLuca. When DeLuca was 10 years old, his family relocated to Amsterdam, New York, where they met Peter Buck. When he was in his teens, he and his family relocated to Bridgeport, Connecticut, where he attended Central High School and earned his diploma in 1965. DeLuca completed his studies at the University of Bridgeport, fulfilling a lifelong desire of his to attend college.

Career

DeLuca, then 17 years old, borrowed $1,000 from Dr. Peter Buck, a friend of the family, in 1965. The suggestion to assist DeLuca in earning money so that she may attend college to study medicine was put out by Buck. DeLuca intended to launch a “fast-food enterprise that offered a healthy, less fatty menu”. They originally advertised the name as “Pete’s Submarines” on the radio commercial, but they changed it to “Pete’s Subway” since it sounded like “Pizza Marines.” Finally, in 1968, it was abbreviated to “Subway,” which is how it is presently known.

Beginning Of Subway

On August 28, 1965, in Bridgeport, Connecticut, the first store opened with assistance from his mother Carmela, and Dr. Buck. The first year in business was difficult and a learning experience. They opened their second site a year later after realizing the importance of exposure and marketing to their business. DeLuca thought that opening his first store in a “crummy location” was the biggest error he had ever done. The third outlet was situated in a prominent spot, and it is still there today.

With his mother running the first store, his sister working as a “sandwich artist,” and even his wife Elisabeth working in the corporate office, Fred DeLuca ran Subway as a family business. Dr. Buck would discuss the Subway company with Carmela, Fred, and the DeLuca family every Monday. They soon adopted a franchising model as time went by, and that’s when their expansion really took off.

The 100th Subway location opened in 1978, and the company surpassed 1,000 locations in 1987. Subway opened 1,100 locations in 1993, continuing its rapid expansion. Also, read about Shed Defender Net Worth

John Fogle

Fred DeLuca met Jared Fogle, purchased him a new Mitsubishi Galant, and hired him as Subway’s main spokesperson by the year 2000 after reading an article about an Indiana man who dropped 245 pounds by eating Subway sandwiches. Sales and the number of stores opening up soared after Fogle was named Subway’s spokesperson.

Cindy Mills, a Subway franchisee, came out and informed a number of senior Subway executives about Fogle’s pedophilia and illegal sexual conduct. In a statement, Subway denied knowing about Fogle’s pedophilia and claimed that officials, including DeLuca and others, were previously ignorant of Fogle’s involvement in child prostitution in both Thailand and the United States.

Other Businesses

Franchising Brands was founded by DeLuca and Peter Buck in a joint attempt to help other business owners replicate their success in the franchise sector. Also, read about Kate Flannery Net Worth

Personal Life

DeLuca and his wife Elisabeth held residences in Fort Lauderdale, Florida, and Milford, Connecticut, respectively. Jonathan, his son, resides in Boca Raton, Florida. Cindy Mattson’s son Luca was adopted by DeLuca.

DeLuca disclosed that he was receiving leukemia treatment on July 15, 2013. On September 14, 2015, DeLuca passed away in Lauderdale Lakes, Florida.

Fred DeLuca Net Worth

Fred DeLuca Net Worth is estimated to be around $2.8 Billion in 2022. Thanks to famous advertising efforts like “the Subway diet,” promoted by Jared Fogle, and “five-dollar footlongs,” a campaign with a catchy tune to go with it, Subway is now among the most well-known fast food chains in the world.

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