Factbox-Subway to sell itself to Roark Capital

investing.com:

(Reuters) — Roark Capital snapped up Subway in a $9.55 billion deal, sources said on Thursday, after it outbid several private-equity groups.

The company, which enjoyed a period of explosive growth through the first decade of the century, failed to overcome challenges from over-expansion, competition and changing consumer preferences in recent years.

Here are some key facts and events in its history:

Pete's Super Submarines

In August 1965, 17-year-old Fred DeLuca and family friend Peter Buck opened a submarine sandwich shop in Bridgeport, Connecticut. Named Pete's Super Submarines, the outlet sold more than 300 sandwiches on the first day.

The Subway name was used for the first time in 1968.

U.S. expansion

By 1974, DeLuca and Buck ran 16 sandwich shops across Connecticut. The pair then started franchising Subway restaurants, with the first outlet outside of Connecticut being opened in Massachusetts a year later.

Subway hit 300 locations across several states by 1982.

International expansion

The first overseas restaurant was opened in Bahrain in 1984. By 1990, Subway had a total of 5,000 restaurants globally.

$5 Footlong

Subway launched its popular $5 Footlong promotion across the United States in 2008, making a huge splash among Americans, who were then looking for cheaper meals amid the global financial crisis.

Its move also spurred a wave of copycat deals: KFC and Arby's promoted $5 meal deals, while rival Quiznos rolled out a $4 sandwich special. McDonald's (NYSE:MCD) and Burger King also offered sandwich deals in the $3-$4 range.

DeLuca dies; Fogle scandal

In July 2015, Subway suspended Jared Fogle, who appeared in hundreds of commercials and represented the company at restaurants and other events. He pleaded guilty