Subway's Co-Founder Makes a $5 Billion Donation to Charity
Peter and Carmen Lucia Buck Foundation has received a substantial donation from its late co-founder Peter Buck.
Subway, is the largest sandwich chain in the world with over 37,000 locations. Peter and Carmen Lucia Buck Foundation has received a substantial donation from its late co-founder Peter Buck. Buck left his 50% ownership in the company to the Peter and Carmen Lucia Buck Foundation, a charity he and his wife started over 20 years ago.
The chain is reportedly exploring a sale that would value the brand at up to $10 billion, which would mean that Buck’s donation is valued at $5 billion.
Donation to Charity:
The Peter and Carmen Lucia Buck Foundation will receive the donation and it will allow the foundation to greatly expand its philanthropic endeavors. The foundation's mission is to give motivated people the tools they need to help themselves.
The foundation has been providing grants and scholarships to individuals in need and has donated $32.7 million in the year 2021. The foundation also provides strategic guidance, professional connections, capacity building, and other forms of assistance.
History of Subway:
Subway was co-founded by Peter Buck and Fred DeLuca in 1965. Buck, a nuclear physicist, loaned $1,000 to DeLuca to open a sandwich shop that later became Subway. The brand has grown to become one of the largest restaurant companies in the world with more than 37,000 locations worldwide.
Fred DeLuca passed away in 2015, leaving half of the company with his family. Buck died in 2021 and had planned on the bequest to the Peter and Carmen Lucia Buck Foundation (PCLB) for a decade. Peter Buck’s death left the company with more ownership questions, and the charitable donation could be the reason for the company's decision to explore a sale.
Conclusion:
The substantial gift from Peter Buck to the Peter and Carmen Lucia Buck Foundation will allow the foundation to expand its philanthropic endeavors and impact many more lives. Although Subway is a privately held company and does not comment on ownership structure and business plans, the company is focused on moving the brand forward and helping its franchisees be successful and profitable.
What Are Your Thoughts?
What do you think about Subway co-founder's donation to charity? Do you believe that more companies should follow suit and donate a portion of their profits to charity? Have you visited Subway before? What was your experience like?
Share your thoughts and experiences in the comments below!
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