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Subway

Financing

Subway is already making changes to its Sub Club loyalty program

 By Jonathan Maze on Feb. 18, 2026

The fast-food sandwich giant will stop giving the fourth sandwich for free starting in April as it converts into a solely points-based program. Customers in the meantime can’t earn stamps on discounted subs.

Financing

A 43-location Subway franchisee has filed for bankruptcy

 By Jonathan Maze on Feb. 02, 2026

MTF Enterprises, which operates locations in Pennsylvania, New Hampshire, Maine and Virginia, declared Chapter 11 bankruptcy after a merchant cash advance lender put a lien on its sales revenue.

Financing

A Subway franchisee group is asking for changes to its latest offer

By Jonathan Maze on Jan. 26, 2026

More than a quarter of franchisees signed a petition through an independent association asking for changes to the chain's "Sub Club" redemption. But the company said the program is off to a "strong start."

Financing

Putting Subway's restaurant closures into context

By Jonathan Maze on Dec. 03, 2025

The Bottom Line: The fast-food sandwich giant has closed 7,600 locations since 2015, more than any other U.S. chain in history, and about the same number of restaurants that Taco Bell currently operates.

Financing

Subway franchisees say the chain's new loyalty program is too aggressive

By Jonathan Maze on Dec. 01, 2025

The fast-food sandwich giant’s new “Sub Club” program gives a free footlong sandwich after just three same-sized purchases, which is among the industry’s most generous. "Financial suicide."

Marketing

Subway is bringing back a modernized 'Sub Club'

By Jonathan Maze on Nov. 26, 2025

Customers can get a free Footlong Sub after they buy three as part of the fast-food sandwich giant’s reconfigured loyalty program as the company looks to generate traffic.

Financing

Subway franchisees push back on remodels

By Jonathan Maze on Sep. 23, 2025

An association of many of the sandwich giant’s operators is questioning the company’s remodel requirement, arguing that there’s no evidence that it generates a return.

Marketing

Subway looks to the protein crowd with an updated Fresh Fit Menu

By Jonathan Maze on Sep. 10, 2025

The fast-food sandwich giant wants to regain favor with health-conscious consumers, six years since the menu last appeared. But things will be different this time.

Financing

Subway is sending cash to its franchisees

By Jonathan Maze on Aug. 11, 2025

The company, which just named a new CEO, will send millions in rebates to its franchisees to alleviate concerns about cash flow challenges related to a shift in its beverage contract.

Financing

Subway is rapidly losing its sub sandwich dominance

By Jonathan Maze on Jul. 25, 2025

The Bottom Line: The fast-food giant has seen its share of the sub sandwich market fall by 21% over the past five years. Other brands are winning with new, more sustainable business models.

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