Subway closing 500 stores in United States

Subway has announced it will close more locations in the United States, while it is expanding internationally.

The chain says it will shut down about 500 stores this year, on the heels of hundreds of closures over the last two years.

Subway currently has about 2,600 locations in the U.S.

The restaurant's sales dropped 4.4 percent last year due to competition from newer chains and other fast food options.

It's launching a new loyalty program, remodeling stores to look sleeker and adding touch-screen kiosks for ordering.

Meanwhile, the chain plans to add more than 1,000 stores outside North America, focusing on locations in Britain, Germany and Asia.