What is Peter Cancro’s Net Worth and Salary?
Peter Cancro, co-founder of Jersey Mike’s Subs, has a net worth of $600 million. The American entrepreneur and businessman started working at Mike’s Submarines when he was 14 years old and bought the shop for $125,000 during his senior year of high school.
Cancro opened a few new locations over the next decade before deciding to franchise and changing the chain’s name to Jersey Mike’s in 1987. He still serves as CEO and is known for giving back through their “Day of Giving” where 100% of sales are donated to local charities, totaling $5 to $7 million each year.
Early Life
Peter Cancro was born on May 15, 1957 in New Jersey. He grew up with a younger brother named John. As a teenager, Cancro attended Point Pleasant High School and graduated in 1975.
Peter Cancro’s Rise to Success with Jersey Mike’s
Peter Cancro became a business owner at the age of 17 when he purchased a sandwich shop called Mike’s Submarines in 1975. He went on to become the CEO of what is now known as Jersey Mike’s, which he began franchising in 1987.
The franchise has since grown exponentially, with over 1,400 locations and $1 billion in sales as of 2018. Jersey Mike’s serves made-to-order submarine sandwiches with a variety of condiments, including its signature “Mike’s Way” combination of onions, tomatoes, lettuce, and a red wine vinegar and olive oil dressing.
Cancro’s success has led him to establish a franchise-purchasing assistance program called the “Coach Rod Smith Ownership Program” to help young entrepreneurs start their careers.
Jersey Mike’s Hosts “Day of Giving” to Raise Millions for Charities
Each year on the final Wednesday of March, Jersey Mike’s, led by owner Peter Cancro, donates all of its sales to various charities during its “Day of Giving.” In 2022, the restaurant raised over $6 million on this day, benefiting more than 170 charities nationwide.
Personal Life
Peter Cancro married Linda after graduating from high school and they have two children, Robert and Caroline. The couple later divorced. In 2014, Cancro married Tatiana, his current wife.
Peter Cancro purchases $15.681 million condo in NYC
Peter Cancro, the CEO of Jersey Mike’s Subs, bought a four-bedroom, 3,838 square-foot condo on East 68th Street in New York City for $15.681 million in August 2014. The condo is located in the Marquand building, at the corner of 68th and Madison avenue.
However, owning a luxurious apartment in NYC comes with a hefty price tag. The monthly HOA fee for the unit exceeds $14,000.
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