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Jersey Mike’s Sells Majority Stake To Blackstone, Chain's Founder Aims For 'Greater Heights' Jersey Mike’s Sells Majority Stake To Blackstone, Chain's Founder Aims For 'Greater Heights'
Jersey Mike’s Sells Majority Stake To Blackstone, Chain's Founder Aims For 'Greater Heights' Jersey Mike’s Subs, a Garden State icon that grew into a national sandwich powerhouse, is set to sell a majority stake to private equity giant Blackstone, officials said. The Manasquan-based restaurant chain has agreed to sell the stake in the company, Blackstone said in a news release on Tuesday, Nov. 19. Jersey Mike’s founder and CEO Peter Cancro will keep a significant equity share and continue leading the business. When he was 14 years old, Cancro began working at the original location in Point Pleasant that opened as Mike's Subs in 1958. At 17, he bought the restaurant in 1975 and…

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by Chris Spiker
Business
South Philly Cheesesteak Proprietors Get Prison Time For Tax Scheme, Feds Say South Philly Cheesesteak Proprietors Get Prison Time For Tax Scheme, Feds Say
South Philly Cheesesteak Proprietors Get Prison Time For Tax Scheme, Feds Say A father-son pair of cheesesteak shop owners were sentenced to prison last week for hiding $8 million in revenue from tax collectors, say federal prosecutors.  Nicholas Lucidonio, 57, and Anthony Lucidonio Sr., 84, the proprietors of Tony Luke's in South Philadelphia, will each spend 20 months behind bars, said the Justice Department in a release.  The Lucidonios, of New Jersey, carried out a "decade-long conspiracy to defraud the IRS" from 2006 to 2016, prosecutors said. The pair only deposited a portion of their earnings into the business's bank accounts and gave "inco…

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by Mac Bullock
Business
Fast-Growing Seaford Restaurant Replaces Camden Chicken Joint Fast-Growing Seaford Restaurant Replaces Camden Chicken Joint
Fast-Growing Seaford Restaurant Replaces Camden Chicken Joint Captain D’s, which is billed as the nation’s leading fast casual seafood restaurant, has a new restaurant coming to Camden in 2024. Franchisees Jujhar Rai and Maliha Rahmani are developing the restaurant at 1701 Mt. Ephraim Ave., which is a former Church’s Chicken.  Rai and Rahmani have 23 years of experience in restaurant franchising. They currently operate a Checkers and have been owners/operators with Church’s Chicken and Popeyes in the past. “Jujhar and Maliha recognized a valuable property in their market that is ripe for repurposing and came to Captain D’s because of our conve…

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by Jon Craig
Business
Dumpling Automat With Flavors Like PB&J, Pastrami Coming To NJ Mall Dumpling Automat With Flavors Like PB&J, Pastrami Coming To NJ Mall
Dumpling Automat With Flavors Like PB&J, Pastrami Coming To NJ Mall A fast-growing dumpling automat chain is coming to a New Jersey mall. Brooklyn Dumpling Shop offers 32 unique dumpling varieties including Pastrami, Bacon Cheese Burger, Lamb Gyro, French Onion Soup, Philly Cheesesteak, Impossible and Reuben and Peanut Butter & Jelly. The zero human interaction quick-service restaurant opened its flagship location in the East Village in May 2021. The 24-hour restaurant has a contactless ordering system and brings back the Automat of yesteryear with the technology of today.  The shop is partnering with veteran franchisee Tom Graziano, who…

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by Cecilia Levine