Imagine this: You go to your go-to sandwich place, order your usual and, while the price is the same, the sub feels lighter. If this sounds familiar to you, you’re not alone.
Recently on TikTok, a man blasted Jersey Mike for a subpar sandwich (1).
“That, my friends, is $9 at Jersey Mike’s — including a $10 tip — that’s $10,” he said, holding up his thumb and forefinger on either side of the sub.
In January 2025, private equity giant Blackstone completed its $8 billion majority stake purchase of Jersey Mike’s, and longtime fans have been asking why “Mike’s Way” is less crowded (2).
Whether or not portions have actually shrunk, Jersey Mike’s is part of a trend of private equity buying some of America’s most beloved restaurant chains and possibly squeezing margins.
Private equity is changing the sandwich landscape, one major acquisition at a time. Subway was purchased by Rorke Capital for multibillion dollars (3). Firehouse subs? Merged into Restaurant Brands International for $1 billion (4).
The numbers explain the appeal. Jersey Mike’s is now the fourth largest sandwich chain in the country, and the US sandwich sector was a $41.5 billion market in 2024 (5). With so much cash up for grabs, it’s no wonder the private equity crowd is turning up.
Blackstone wants to expand beyond Jersey Mike’s 3,000-plus stores. The brand is already growing. Opening 828 locations between 2021 and 2023 (6). Blackstone’s payment structure ramps up after Jersey Mike’s hits nearly 4,000 stores, reports CNBC (7), encouraging the company to grow faster.
Rapid growth does not come without change. In the PE world, the priorities are low cost, high efficiency and rapid expansion. Standardization can replace those sandwich makers who give you an extra slice “just because.” Efficiency is the name of the game and that can mean digital pickup lanes, workflow automation and ultrafast assembly lines.
That’s how you end up with subs that feel a little lighter. Less meat, fewer toppings, maybe bread that looks just a touch short.
Jersey Mike’s is a chain that built its reputation, and its pricing power, on heaping, deli-level subs. Customers already pay a premium: A regular Jersey Mike’s sub typically runs $9 to $14, often 30% to 50% more than a comparable item at Subway.
When you’re charging top sandwich prices, customers expect high quality. If they think quality is slipping, the whole price equation becomes unstable. Business Insider’s head-to-head comparison of the Subway and Jersey Mics wins out in mic quality, but the Subway takes the crown for price and customization (8).
There is no hard evidence that Jersey Mike’s share has officially shrunk. No third-party audits, no before-and-after component logs, no weight comparisons that will be kept in the lab. Instead, there’s a wave of TikToks (9) with customers complaining about what they’re getting now.
Most Jersey Mike’s locations are franchise-operated, so your experience may vary from store to store, even though corporate portion levels and cost-control rules flow across them all (10).
While the incentives to shrink portions may be real, the smoking gun is not proof. yet
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When your lunch starts to feel lighter, but the price remains the same, it’s worth a closer look.
If your sub feels vulnerable, don’t ignore your instincts, but try to be objective. Compare old photos, see how many meat slices you’re actually getting and look for price-to-portion imbalances.
Local sandwich shops and smaller chains, which aren’t encumbered by PE-style expansion goals, can give you better value for the same expense.
If you take your business and hard-earned money somewhere, it can speak louder than social media complaints.
Small sub event is more than social media madness; This is the kind of change that can happen when the beloved chains are pulled on the machinery of large PE firms. There may not be hard evidence yet, but if you’re paying premium prices, keep your eyes open for any changes you’re getting and use your power as a consumer: put your money where your mouth is.
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@dionckhan/TikTok (1), (9); CNN (2); CNBC (3), (7); restaurant business (4); IBISWorld (5); QSR (6); Business Insider (8); Franchise Chatter (10)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
