The New Jersey-based restaurant chain, known for its cold cut sandwich subs, announced plans to shell out $150 million to help its franchise owners remodel restaurants, Nation’s Restaurant News reported.
At a time when the restaurant industry is desperately trying to bounce back after COVID-19-related shutdowns and the suspension of indoor dining in places like New York City, the company’s CEO, Peter Cancro, said it was the right time to “pay for all the retrofits” to financially support franchisees in need of a restaurant remodel, which can cost on average of $75,000, according to Nation’s Restaurant News.
The chain's Southern California locations were among the first to get a remodel in March before dining rooms closed as a result of COVID-19, Nation's Restaurant News reported. Now, Cancro says the chain is doing around 30 store remodels a week.
Investing in its franchise owners during the coronavirus crisis is a good sign for Jersey Mike's, which has 1,738 stores and is slated to open 200 more restaurants in 2020.
With more than 40 million Americans unemployed, restaurants are vital to feeding the economy. The leisure and hospitality sector added the most positions last month -- more than 2 million -- according to data released by the Department of Labor. The U.S. unemployment rate dropped to 11.1 percent in June, while a total of 4.8 million jobs were added to the nation's economy -- both better-than-expected figures.