Subway announces new footlongs price as it enters value menu wars [Video]

It’s not $5, but Subway is bringing back cheap footlongs and joining the fast food value menu wars.

Beginning August 26, Subway will sell any footlong sandwich for $6.99 — a steep discount considering that some footlongs can cost as much as $14 in some cities. It’s the privately held chain’s latest attempt at luring back customers who are balking at rising fast food prices and spending less when they do go out.

The deal has a catch: The offer is only available via its app or website with the code “699FL” and ends on September 8.

Subway is owned by a private equity firm and doesn’t often reveal sales like its publicly traded rivals. However, its sales and traffic struggles, according to trade magazine Restaurant Business, mirror the issues McDonald’s, Burger King and Starbucks have been facing this year.

“Today’s diner is stretched more than ever, and too often that means a tradeoff on quality, variety or flavor to find an …