Advertisement

Updated November 20th, 2021 at 19:11 IST

Subway Co-founder and philanthropist Peter Buck passes away at 90

Peter Buck, the restaurateur and philanthropist who co-founded the multi-national fast-food restaurant Subway, died at the age of 90 on November 18.

Reported by: Anurag Roushan
Peter Buck
Image: Twitter/@101Biography | Image:self
Advertisement

Restaurateur and philanthropist Peter Buck, who co-founded the multi-national fast-food restaurant Subway, passed away at the age of 90. Buck died on Thursday, November 18, at Danbury Hospital in Connecticut, according to a statement from the company. The billionaire founder was ill for quite some time, the New York Post reported citing sources. Buck is survived by his sons Christopher and William, daughters-in-law April and Hara, and grandchildren Sam, Emily, Oliver, Simon, and James.

Taking to Twitter, Subway wrote "Our co-founder, Dr Peter Buck has passed. He was 90. A kindhearted physicist & philanthropist, Dr Buck made a lasting impact, leaving behind a spirit of hard work & dedication across nearly 40,000 locations. His legacy continues through Subway®, a brand he worked hard to build [sic]." With Buck's death, the 56-year-old chain has lost both of its co-founders. The other, Fred DeLuca, had taken a loan from Buck as a teenager and converted a small store in Bridgeport, US, into one of the world's biggest fast-food conglomerates. He also ran Subway almost until his death from leukaemia in 2015. 

The restaurant chain's corporate parent is named 'Doctor’s Associates,' in reference to Buck, who holds a PhD in physics. By 1973, the duo had established 16 stores across Connecticut, and a year later, they began franchising the business, reported the New York Post citing Subway. What began as a business venture to help the young DeLuca pay for college has now grown into a global franchise with roughly 40,000 eateries. Forbes estimates Buck's net worth to be $1.7 billion. Buck invested a portion of his assets to buy timberland.

More about Peter Buck

According to Subway, Buck possessed 1.2 million square kilometres of forest in Maine. He also donated $216 million from his fortune in the last five years, to his PCLB Foundation, which supports groups that focus on family issues. Meanwhile, Buck was believed to share 50% of the ownership of Subway with  DeLuca's widow, Elisabeth. It should be noted here that Buck was born in the United States' Maine in 1930. He went on to receive his bachelor's degree from Bowdoin College in Brunswick, Maine in 1930. later, he earned his master's and PhD degrees in physics from Columbia University and also worked as a nuclear physicist with different firms from 1957 to 1978.

Image: Twitter/@101Biography

Advertisement

Published November 20th, 2021 at 19:10 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement

Trending Quicks

former dsp shailendra singh revealed criminal activity of Mukhtar Ansari
2 minutes ago
TCS 'cash for jobs' scam
14 minutes ago
IBL Finance IPO
19 minutes ago
Congress Press Conference
19 minutes ago
Virat Kohli keeps a close watch on Gautam Gambhir
20 minutes ago
Good Friday
26 minutes ago
Life Insurance Corporation
26 minutes ago
Kerala Nirmal Lottery Sambad Friday Result
30 minutes ago
US Federal Reserve
32 minutes ago
Advertisement
Advertisement
Advertisement
Whatsapp logo