Subway to close about 500 more stores

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Apparently, that means bailing out of the USA for China, India, Mexico, Germany, South Korea, and England.

Subway restaurants announced Wednesday that they will be closing hundreds of locations in the next coming months.

Subway disputed published reports that said it will shut down 500 stores, saying that figure was a projection, not a confirmed number.

There could be a few hundred less Subway locations in North America - and Western New York - by the end of the year. The rewards system, which offers $2 discounts and free items, is available for the chain's domestic and Canadian locations.

Bloomberg first reported on the company's plans.

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Recently though the sandwich behemoth has struggled to keep up with fast-casual competitors Panera Bread and Chipotle CMG, among other grab-and-go options in grocery and convenience stores.

"Subway restaurants are 100% Franchisee owned and operated", a spokesperson said in an email to CNBC. Greco said Subway had been hurt by fierce competition in the USA, including from a resurgent McDonald's, whose domestic system sales rose 3.4 percent previous year, according to data from researcher Technomic.

Meanwhile, the chain is hoping to boost business by launching a new loyalty program, remodeling stores, and adding touch-screen kiosks for ordering.

"In North America we are implementing an aggressive revitalization plan, which we expect to result in the closing, consolidation or relocation of a few hundred locations in 2018", the Subway spokesman said.