After 15 years, Subway has a brand new logo

Subway unveils its new logo featured on top of its original logo.
Source: Subway

Subway is doing something it hasn't done in more than a decade. It's changing its logo.

The sandwich shop revealed on Friday that it's ditching its bulky, outlined lettering in favor of a more simplified, clean design.

"We see this as a way to refresh our look while remaining true to the brand's roots by using the vibrant color palette of the mid '60s when we were founded," a spokeswoman from Subway told CNBC.

The new lettering retains elements of the previous design such as the iconic arrows, which the company says symbolize the choices Subway provides its guests. This is the sixth time in the company's 50-year history that the sandwich chain has altered its logo.

The change in Subway's logo comes as the company hopes to recover from its second straight year of lackluster earnings. The company reported in May that its revenue for 2015 dropped 4.3 percent.

The sandwich shop has introduced several new subs to its restaurants in the last year from rotisserie-style chicken to carved turkey hoping to drive foot traffic in its stores.

In addition, the restaurant industry a whole has seen soft same-store sales in recent months prompting several analysts to lower estimates industrywide. Stifel analyst Paul Westra expects a 20 percent average decline for restaurant stocks during the second half of 2016.

Subway will implement its new logo worldwide in early 2017.