OAN Staff James Meyers
2:15 PM – Friday, August 23, 2024
To combat inflation, sandwich maker Subway is launching a $6.99 footlong deal, with multiple sources claiming the sandwich chain’s sales are plummeting.
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The details of the footlong deal allow customers to order any footlong sub on the menu, or customize their own, for $6.99.
It’s not the original $5 footlong deal, but customers will save on subs that can sell up to $14.
The deal was revealed by Subway CEO John Chidsey during an “emergency” last-minute franchisee meeting last week.
Subway is a privately-held company, so it doesn’t report its sales figures like its public peers do.
Meanwhile, the famous sandwich chain is seeing sales declines in certain regions of over 8% in the last few weeks, compared to last year.
“Today’s diner is stretched more than ever, and too often that means a tradeoff on quality, variety or flavor to find an affordable meal,” Subway North America President Doug Fry said in a statement. “At Subway, our definition of value is a mix of delicious options at the right price without compromising quality.”
However, to get the deal customers must order through the Subway app or Subway.com using the promo code 699FL to get the cheaper deal.
Subway stated that its a loyalty grab in hopes customers will download the app, sign up for Subway’s MVP Rewards program and visit stores more frequently.
Subway, which sold itself in April for $9 billion to Roark Capital, owner of Dunkin, Arby’s and Baskin Robbins, does not own any of its own stores and many franchisees are barely turning a profit.
The latest value menu and promotions are attempts to counter the chain’s flailing store count. It closed over 400 restaurants in the U.S. last year, ending the year with an estimated 20,000 stores, its lowest number since 2005.
Other fast-food chains have suffered similar consequences as McDonald’s reported its first sales drop in July since 2020, struggling to maintain customers with inflation prices.
The company extended its $5 Meal Deal at most of its locations through this month after the burger chain saw improved numbers.
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