Oil prices rise from over 1-mth low with Russia crude buyer sanctions in focus
Investing.com -- Jersey Mike’s Subs, a popular sandwich chain, has appointed Charlie Morrison to CEO, according to The Wall Street Journal. Morrison, who previously served as the CEO of the rapidly expanding chicken chain Wingstop (NASDAQ:WING), will assume his new role at Jersey Mike’s on Monday. The 56-year-old executive has plans to expand the approximately 3,000-location sandwich chain, with a particular focus on international markets where Jersey Mike’s currently has minimal presence.
In an interview with WSJ, Morrison expressed optimism about the growth opportunities for Jersey Mike’s not only domestically but also globally. Peter Cancro, the founder of Jersey Mike’s, sold the chain to private-equity firm Blackstone (NYSE:BX) last year for $8 billion, inclusive of debt. This transaction is considered one of the largest deals for a restaurant chain in over a decade.
Cancro, who had been the sole owner of Jersey Mike’s for many years, will reportedly continue to serve as the chairman of the chain’s six-member board. He will also maintain his involvement with franchisees and continue to influence the company’s direction as a 10% stakeholder.
While the chain’s growth could potentially lead to an initial public offering, Cancro confirmed that there are no immediate plans for such a move. Jersey Mike’s has been opening approximately 300 new shops per year. Based on current demand, Cancro believes the chain could eventually expand to around 7,500 locations in the U.S.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.