Subway, the submarine sandwich chain founded in 1965 that now has over 44,000 locations worldwide, is now facing some difficult times. Its revenue fell in 2015 for the second straight year, dropping 4.3 percent to $1.11 billion in 2015, reports Bloomberg.
The chain is slowing its pace on new restaurant openings and closing hundreds of underperforming locations. Subway opened 911 new locations in the U.S. last year and closed 877, netting just 34 restaurants for the year in comparison to 313 the year before.
This decline is attributed to competition from traditional fast-food chains as well as fast-casual chains. Bloomberg notes that in particular, Subway has “struggled to keep pace with more modern rivals, which cater to millennials with items such as quinoa salads and Greek yogurt.”
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