Fred DeLuca, co-founder of Subway chain, dies at 67

MILFORD, Conn., Sept. 16 (UPI) -- Fred DeLuca, co-founder of the Subway sandwich shop chain, died at 67 after a two-year battle with leukemia.

The company reported Tuesday that he died Sunday, without specifying a cause. He lived in South Florida.

DeLuca, seeking to pay college expenses in 1965, borrowed $1,000 from Peter Buck, a friend, and opened a sandwich shop in Bridgeport, Conn.

It provided enough funding to allow DeLuca to graduate, and a subsequent partnership with Buck resulted in Subway, an empire of more than 44,000 independently owned shops around the world. DeLuca and Buck would put placed 259th on Forbes Magazines' list of the wealthiest Americans. Their privately held company, Doctors Associates, had an estimated revenue of $18 billion in 2012.

The Subway chain grew quickly after 1974, when it aggressively entered franchising. Though it offered relatively low startup costs, franchisees complained to regulatory agencies and in court about contract obligations, royalty payments on sales and fees for national advertising. Subway settled claims, paid fines, and provided training and advice to many store owners.

Though he was diagnosed with leukemia in 2013, DeLuca remained the company's chief executive and stayed involved in day-to-day operations. His sister, Suzanne Greco, was named president in June and will assume his duties.