John Chidsey, CEO of Subway Restaurants, says 90% of franchisees have applied for loans for small businesses and its economic model is strong enough to survive the coronavirus.
Subway Restaurants is moving several of its business units to Miami in a move that will lead to even more layoffs at its campus in Milford, Conn., The New York Post has learned. The chain, which gained notoriety by selling $ 5 footlongs, told its staff on Thursday that it would move all of its “consumer-oriented” businesses to Miami, including culinary, marketing and ‘global transformation’. Some staff members have been told they will not be invited to Miami when the transition takes place in 2022, sources told The Post.
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In a memorandum to staff members on Thursday, Miami was touted as a place that enables the company to ‘keep our finger on the pulse of more cultural conversations and the evolving tastes of the modern consumer’. “With its dynamic business climate, diverse population and multicultural influences, it was the ideal place to convey some of our role that consumers face,” the memo said. But the change is expected to lead to a further decline in the company’s presence in Milford, where it’s been so long since the city called the road to its massive ‘Sub Way’ campus.
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As The Post reported last year, Subway CEO John Chidsey – who joined Subway in 2019 and owns a four-bedroom, four-bathroom home in nearby Coral Gables – has a lease for office space just west of the airport. signed in Miami. At the time, the company insisted he would not move its headquarters to Miami. The company said Thursday it is looking to open a new office in Miami that will open in the spring of 2022. “Finance, legal, development, and HR and business services, which represent the majority of the company’s staff, remain at our headquarters in Milford,” the memo said. Chidsey spends much of his time in Florida and not in Milford, sources said.
This article originally appeared in The New York Post.