Subway to close 500 restaurants across the US

Subway Restaurants is projecting it will close roughly 500 locations across the U.S. as it expands the sandwich brand globally.

CNBC reports that the chain closed more than 800 of its stores last year, which followed a smaller pullback in 2016. In turn, Subway plans to add more than 1,000 locations worldwide, including opening shops in Mexico, the United Kingdom, China and India.

"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," a spokesman told CNBC in an email. "Subway restaurants are 100% Franchisee owned and operated, and our commitment to the Franchisees is to work with them to make each restaurant more successful."

With more than 40,000 locations globally, Subway ranks the largest restaurant chain in the world, outpacing McDonald's and Starbucks.

CNBC reports that the sandwich giant has struggled to keep up with fast-casual competitors Panera Bread and Chipotle, among other grab-and-go options in grocery and convenience stores.

Subway has yet to release a list of stores that will be closing. 

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