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Subway Revenue Drops as It Closes Hundreds of U.S. Restaurants

  • Revenue fell 4.3% in 2015, declining for second straight year
  • Company is facing more competition from fast-casual chains
An employee prepares a sandwich inside a Subway restaurant.
Photographer: Andrey Rudakov/Bloomberg

Subway Restaurants revenue fell in 2015 for the second straight year, a sign one of the fast-food industry’s stalwarts is losing ground to newer chains.

Revenue dropped 4.3 percent to $1.11 billion last year, according to the company’s Franchise Disclosure Document, which was filed with the Minnesota Department of Commerce last week. Subway owner Doctor’s Associates Inc. also is slowing its pace of new restaurant openings and shuttering hundreds of underperforming locations.