Subway quietly closed more than 1,000 locations in 2018
Fast food franchise Subway revealed it closed more than double the number of restaurants in 2018 than it previously forecasted, bringing its total to more than 2,300 over the last three years.
The sandwich chain revealed its closures in a regulatory filing on Monday, according to the NY Post, that cited 1,108 restaurants closed in the U.S. last year.
Subway previously forecasted that it planned to close around 500 locations as part an "aggressive" revitalization plan.
Since 2016, the 53-year-old chain has closed 2,331 locations with nearly half of them shuttering last year. In 2017, it had 866 net closures compared to 357 the year prior.
As previously reported by FOX Business in December, in New York City alone, Subway had the single biggest drop in locations at 103 locations last year. The total number of restaurants in the state has dropped to 1,016 from 1,222 since 2016.
For years, Subway has struggled with declining same-store sales and ineffective advertising.
Last June, the chain reportedly hired an outside consulting firm to help it get back on its feet and possibly position itself for a future sale.
While it would not confirm the report, a Subway spokesperson did say that shareholders have expressed their intentions to employees that they are investing in the company and have no intention of selling.
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Last year, a spokesperson told FOX Business that over the next decade, it "anticipates having a slightly smaller, but more profitable footprint in North America and a significantly larger footprint in the rest of the world."