Fred Deluca Net Worth - Newsnow Nigeria

Fred DeLuca, born on 3 October 1947 in Brooklyn, New York City, USA, was of Italian-American descent. He was famous for founding the worldwide known fast food restaurant, “Subway,” at the end of the ‘60s. Fred DeLuca passed away in September 2015. Sources estimated his net worth at $1.5 billion, which made him number 259 on Forbes’ list of the 400 richest Americans. The income of this entrepreneur came from the fast food franchises he owned, now present in 98 countries and registering more than $9 billion in sales annually.

Fred DeLuca started his business at the age of 17 while trying to raise money to go to college. He matriculated from Central High School in Bridgeport, Connecticut, in 1965, and eventually graduated from the University of Bridgeport in 1971 with a degree in psychology.

He started his business with $1000 from his friend Peter Buck, who became the co-founder of the company. Initially known as “Pete’s Super Submarines”, the business eventually changed its name to “Subway”. The business partners managed to open a second unit in 1966, and soon after, they went for a third store in a better location. In 1974, with 16 stores already opened, they transformed “Subway” into a franchise, which took the business nationwide. By 1978, Subway had 100 stores opened in the US, and by 1987 the business reached the 1,000-store mark.

In 1984, “Subway” granted its first international franchise. The company’s growth continued as the idea of healthy fast food gained popularity worldwide. According to The Wall Street Journal, Subway managed to have a higher number of units globally than McDonald’s in 2002. Today, Subway franchises include over 44,000 outlets worldwide.

An important part of the company’s success was attributed to their collaboration with Jared Fogle, also known as “Jared the Subway Guy”. The company also received a Heart Check Certification from the American Heart Association for some of its low-calorie, low–sodium meals.

Apart from the holding company Doctor’s Associates Inc., which owns Subway, DeLuca and his partner Peter Buck also created Franchise Brands to help inexperienced entrepreneurs succeed in the franchise industry. After DeLuca’s death, his sister Suzanne Greco took over the management of the company.

In his personal life, Fred DeLuca married his high school girlfriend Elisabeth in 1966. They had a daughter and a son. He passed away on 14 September 2015 in Lauderdale Lakes, Florida, suffering from leukemia.

Fred DeLuca’s net worth was estimated to be $1.5 billion. Here are some details about him:

– Full Name: Fred DeLuca
– Date Of Birth: October 3, 1947, Brooklyn, New York City, U.S.
– Died: September 14, 2015, Lauderdale Lakes, Florida, U.S. (aged 67)
– Net Worth: $1.5 Billion
– Profession: Entrepreneur, Businessperson, Co-founder of the “Subway” franchise
– Education: Central High School in Bridgeport, Connecticut, University of Bridgeport
– Nationality: American
– Spouse: Elisabeth DeLuca (m.1966-2015, his death)
– Children: Jonathan DeLuca
– Parents: Carmela DeLuca, Salvatore DeLuca
– Siblings: Suzanne Greco