Subway announces it will close 500 stores in US

Subway announced that it will be closing nearly 500 stores in the United States while adding more than 1,000 shops worldwide, WPVI reported Thursday.

The chain, which got its start in August 1965 when founder Fred DeLuca opened a shop in Bridgeport, Connecticut, has nearly 27,000 stores in the United States and 44,000 worldwide. According to the National Retail Federation, the next highest chain is Yum Brands, which runs KFC, Pizza Hut and Taco Bell, CNN reported. McDonald's has 14,000 locations, the federation reported.

Subway’s sales dropped 4.4 percent last year as competition from newer fast-food chains gave consumers more options.