Subway will close 500 restaurants in the U.S.

Subway plans on closing about 500 locations in the United States, but will open more than 1,000 restaurants in Mexico, China, India, and the United Kingdom, CNBC reports.

The sandwich chain has more than 40,000 locations around the world, and counts Panera Bread and Chipotle as competitors. In 2017, Subway owners closed 800 restaurants, and a spokesman told CNBC that "looking out over the next decade, we anticipate having a slightly smaller but more profitable footprint in North America and a significantly larger footprint in the rest of the world."

Subways are owned by franchisees, and the company is working on a new loyalty program and a modern concept store featuring ordering kiosks and fresh menu items.

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