Business
Jersey Mike’s strikes European expansion deal led by founder Peter Cancro
Jersey Mike’s Subs is taking its signature sandwiches overseas with its first European expansion set for this year, the company said Monday.
Leading the push is the brand’s founder and board chair, Peter Cancro, via his company, JM Submarines UK Ltd.
The deal between Jersey Mike’s and Cancro’s entity calls for 400 stores to be opened in the U.K. and Ireland, and it will be the first in a series of plans for international growth. The privately owned Jersey Mike’s was acquired for a reported $8 billion by Blackstone in late 2024.
“All consumers, not only here in the U.S. but around the world, are looking for a great value, but they want quality. They want authenticity,” Jersey Mike’s CEO Charlie Morrison told CNBC in an interview. “Everything about the brand screams quality and freshness, and I think that’s what consumers want anywhere in the world. They’re going to be picky and careful about what they choose, but we believe strongly they’re going to choose Jersey Mike’s over anybody else.”
Morrison noted that deli-style subs are becoming a staple internationally, and he plans to stay true to the brand’s roots in this expansion. He said Jersey Mike’s 20 consecutive years of positive same-store sales growth in the U.S. will help inform the international move.
A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.
David Paul Morris | Bloomberg | Getty Images
At Wingstop, where Morrison served as CEO until 2022, the brand pushed heavily into international markets and was a pandemic winner in both stock performance and sales.
“I’ve learned that in my past, that consumers around the world really prefer that you bring them … that which got the brand to where it is today,” Morrison said.
Cancro founded Jersey Mike’s in 1975 after purchasing the first Mike’s Subs store in Point Pleasant, New Jersey. He led the brand as CEO for nearly 50 years, until Morrison took over in April 2025.
He said diners might see different toppings or sauces overseas than they do in the U.S., but the product will ring true to what is served in the sates.
“We see it as a great sandwich market,” Cancro said of Europe. “[There are] a lot of players in the marketplace, and we see a tremendous opportunity.”
The U.S. consumer is increasingly value-conscious, but Jersey Mike’s believes it can still win over diners in that environment, Morrison said.
“Certainly, we’ve seen some challenges at the lower end across the industry, but again, at Jersey Mike’s, it’s a craveable product. It’s one that’s going to be a staple for consumers for a long time to come,” he said.
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Business
Trump administration in advanced talks for a rescue package for Spirit Airlines, source says
A Spirit commercial airliner prepares to land at San Diego International Airport in San Diego, California, U.S., January 18, 2024.
Mike Blake | Reuters
The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.
Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.
President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.”
The White House didn’t immediately comment.
“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”
The terms of the financing deal weren’t immediately known. The Wall Street Journal earlier reported that the talks were in an advanced stage.
The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.
Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.
The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.
In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.
But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.
As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.
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