Dec 9, 2025
Imagine this: you visit your go-to sandwich spot, 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’s for a subpar sandwich (1).
Advertisement
“This, my friends, is what $9 gets you — $10 with tip — at Jersey Mike’s. This is $10,” he said, while holding his thumb and forefinger at either end 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” seems less filling (2).
Whether the portions have actually shrunk or not, Jersey Mike’s is part of a trend of private equity buying some of America’s most beloved restaurant chains, and possibly squeezing the margins.
The private equity sandwich grab
Private equity is changing the sandwich landscape, one major acquisition at a time. Subway was bought by Roark Capital in a multibillion dollar deal (3). Firehouse Subs? Folded 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 U.S. sandwich sector was a $41.5 billion market in 2024 (5). With that much cash up for grabs, it's no wonder the private equity crowd is circling.
Blackstone wants Jersey Mike’s to expand beyond its 3,000-plus stores. The brand has already been growing. opening 828 locations between 2021 and 2023 (6). Blackstone’s payout structure ramps up once Jersey Mike’s hits roughly 4,000 stores, reports CNBC (7), giving the company incentive to grow rapidly.
The speedy growth doesn’t come without change. In the PE world, the priorities are lower costs, higher efficiency and quick expansion. Standardization can replace those sandwich makers who used to slip 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.
This could be how you end up with subs that feel a little lighter. Less meat, fewer toppings, maybe bread that seems just a touch shorter.
Advertisement
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 top quality. If they think the quality is slipping, the whole value equation gets shaky. Business Insider’s head-to-head comparison of Subway and Jersey Mike’s found Mike’s winning on quality, but Subway taking the crown on price and customization (8).
There’s no hard proof that Jersey Mike’s portions have officially shrunk. No third-party audits, no before-and-after ingredient logs, no weight comparisons that would hold up in a lab. Instead, there’s a wave of TikToks (9) with customers complaining about what they’re now getting.
The majority of Jersey Mike’s locations are franchise-run, so your experience can vary from store to store, even though corporate portion standards and cost-control rules flow down to everyone (10).
While the incentives to shrink portions may be real, the smoking gun evidence isn’t. Yet.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Robert Kiyosaki begs investors not to miss this ‘explosion’ — says this 1 asset will surge 400% in a year
- Vanguard reveals what could be coming for U.S. stocks, and it’s raising alarm bells for retirees. Here’s why and how to protect yourself
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
What to do as a customer
When your lunch starts feeling lighter, but the price stays the same, it’s worth taking a closer look.
Be objective
If your sub feels skimpy, don’t ignore your instincts, but try to be objective. Compare old photos, check how many meat slices you’re actually getting and watch for price-to-portion imbalances.
Shop smarter
Local sandwich shops and smaller chains, who aren’t affected by PE-style expansion targets, may give you better value for the same spend.
Your wallet is powerful
If you take your business and hard-earned money somewhere else, it can speak louder than a social media complaint.
The smaller sub phenomenon is about more than social media paranoia; it’s the kind of change that can happen when beloved chains get pulled into the machinery of big PE firms. There may not be hard proof yet, but if you’re paying premium prices, keep your eyes open to any changes in what you’re getting and use your power as a consumer: put your money where your mouth is.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
@dionckhan/TikTok (1), (9); CNN (2); CNBC (3), (7); Restaurant Business (4); IBISWorld (5); QSR (6); Business Insider (8); Franchise Chatter (10)
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- This 20-year-old lotto winner refused $1M in cash and chose $1,000/week for life. Now she’s getting slammed for it. Which option would you pick?
- Warren Buffett used these 8 repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Jessica is a freelance writer with a professional background in economic development and small business consulting. She has a Bachelor of Arts in Communications and Sociology and is completing her Publishing Certificate.
