The Popular Sandwich Chain That Isn't Hitting Like It Used To
When you start to see your favorite sandwich chain go downhill, it can be a real bummer. One of the reasons the once-popular Subway sandwich chain is no longer America's favorite is that it can't outsell its competitors, like Jersey Mike's. Now, Jersey Mike's is also under the microscope. The chain has drawn public scrutiny in the wake of a huge corporate business deal.
In 2025, it was acquired by Blackstone, one of the world's largest private investment firms, which paid $8 billion for a controlling stake in the sandwich company. Blackstone's majority ownership of the chain is behind the big changes coming to Jersey Mike's in 2026 – plans centered around rapid global expansion — but at what cost? A November 2025 post on ebaumsworld Instagram blasted the power shift, claiming, "Sandwich fans blame private equity firm Blackstone for ruining Jersey Mike's." The post's caption went on to say, "After a year of new ownership, videos of tiny and abysmal-looking $9 sandwiches have begun to tarnish a once-trusted brand."
Comments on embaumsworld's post appear to confirm that loyal fans are worried about the future of Jersey Mike's and what Blackstone has done or plans to do to the company. "Blackstone has yet to come up as a positive in any conversation," wrote one Instagram user. Another commenter shared, "Jersey Mike's gave me 1 slice of bacon on my sub the other day and said that's all it puts now."
As Jersey Mike's grows, its sandwiches get smaller
After the sale to Blackstone, Bloomberg reported that Jersey Mike's is working with Morgan Stanley and JPMorgan Chase to raise around $1 billion, with hopes to reach an initial public offering valued at $12 billion. After Jersey Mike's inked a deal with Blackstone in 2025, Charlie Morrison was named CEO, taking over for the previous CEO and founder, Peter Cancro. As for Cancro, he's still involved as a chairman and is heading the expansion of the restaurant into the U.K. and Ireland. Is this "to the moon" expansion bad for Jersey Mike's customers? At the 2026 ICR consumer trends conference, Morrison said, "We're not going to change anything ... We've had 20 consecutive years of same-store sales growth. We're opening 300 units a year on average over the last five years. Why would we modify that?" (via Restaurant Business).
Not everyone is convinced by Morrison's assurances. One TikTok user shamed Jersey Mike's for its minuscule sandwiches now that it's under Blackstone control, writing, "@JerseyMikes needs their butts kicked," as he displayed a $9 sandwich smaller than his hand. Despite joining the ranks of fast food restaurants that have received shrinkflation complaints, Jersey Mike's is charging forward on its quest for world sandwich domination. On the Instagram post from ebaumsworld that framed Jersey Mike's business operations as a sellout move, one commenter stated, "This is what happens when corporatism supersedes capitalism."