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As Subway proceeds with a planned sale for $9.6 billion, the sandwich chain announced the official opening of its new corporate office in Shelton, listing it officially as a "dual headquarters" in addition to an office in Miami where CEO John Chidsey lives.
Long based on Sub Way in Milford, Subway announced plans to move to Shelton in June 2022, taking about 90,000 square feet of space on three floors at 1 Corporate Drive in Enterprise Corporate Park.
Subway opened its Miami headquarters last year, with the city long home to its Independent Purchasing Cooperative that sells food and supplies to Subway franchisees. Subway has about 37,000 locations globally.
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In August, Subway announced a planned sale to Roark Capital, an Atlanta private equity investment firm which controls a number of major chains including Dunkin', Arby's, The Cheesecake Factory, Jimmy John's and Sonic.
“Connecticut has been at the heart of Subway’s story for nearly 60 years,” Chidsey was quoted saying in a Monday press release. “The strategic relocation of our global dual-headquarters to Shelton will provide employees with a world-class workplace and unlock access to services to help enhance their wellbeing. In addition, it will serve as a showcase of our brand and a welcoming place for guests to visit.”
Asked last month by CNBC whether he would stay on board with the company following the completion of the Roark Capital, Chidsey did not respond directly but said "I don't think really you'll see any changes" in reference to management and strategy.
But days in advance of the Roark Capital announcement, Subway announced that Trevor Haynes would step down as president of North America operations, while continuing to serve as an advisor. Chidsey stepped down as CEO of Burger King after completing a sale of the chain in 2010 to a private equity investment firm.
Chidsey told CNBC's "Squawk on the Street" that Subway was on track for its 11th consecutive quarter of revenue growth.
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"Subway hasn't done that since 2010 to 2012, so I think we have it back on the right trajectory in the U.S. and globally," Chidsey said.
In Connecticut, however, Subway reported having 15 fewer locations in 2022 than a year earlier for 262 at the end of the year, in an annual report filed with Minnesota regulators. That amounted to an 5.4 percent reduction to about 275 restaurants, a pace of contraction topped only by Rhode Island, New Jersey, Massachusetts and Illinois.
That included locations closing in Milford and Bridgeport, where founder Fred DeLuca opened his original sub shop in 1965 with backing from Peter Buck. Subway lost two locations in both New Britain and West Hartford, as well as others in New Haven, Stamford, Norwalk, Cromwell, Darien, East Granby, Farmington, Groton, North Haven, Southbury, West Haven and Windsor.
The chain offset one of the West Hartford closures with a sandwich shop at the University of Hartford's Konover Campus Center, along with a new location in the Mystic section of Stonington, and in Willington.
Includes prior reporting by Brian Gioiele, Paul Schott and Luther Turmelle.