Restaurants Archives

Jersey Mike’s sandwich chain is acquired by private equity firm Blackstone for $8 billion

NEW YORK (AP) — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone in a deal valued at $8 billion. The transaction is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said Tuesday, as well as aid ongoing technological investments. Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake” in the chain. Jersey Mike’s has expanded rapidly over the last decade, growing from 857 stores in 2014 to more than 2,800 this year.… Continue Reading

Diners are skipping restaurants and making more meals at home as inflation trend inverts

NEW YORK (AP) — Eating in is in and eating out is out. That’s the message that inflation-squeezed consumers have been sending to fast-food companies and other restaurants. Meanwhile food producers are benefitting from more palatable prices in grocery store aisles. Inflation has been easing broadly for more than a year, and it’s been cooling faster for grocery items since the middle of the year. The current trend marks a reversal from previous years when grocery inflation outpaced restaurants as food producers raised prices, often while fattening their profit margins.… Continue Reading