Sad news for anyone that's bitten into the quarter pound of rare roast beef inside a Jimmy John's "Hunter's Club" giant sub sandwich and thought "I want to buy stock in this sandwich!"
Jimmy John’s, the sandwich chain with about 2,300 restaurants across the U.S., has shelved plans for an initial public offering.
But why would Jimmy John deprive us of the chance to buy stock in his sandwich chain? After all, judging from the "tons" of genoa salami, smoked ham, capicola, roast beef, turkey and provolone on his "J.J. Gargantuan" sandwich, this is not a man accustomed to holding back.
Chief Executive Officer Jimmy John Liautaud, a majority owner of the company, said he spent the past two years talking to bankers and exploring an IPO before deciding that he wanted to stay focused on the running the business he founded in 1983.
“I made the whole Thanksgiving dinner and right before I was going to serve it, I threw it out,” Liautaud said in an interview, referring to the IPO plan. “I don’t think my wheelhouse is comfortable in Wall Street. My wheelhouse is small-town America.”
So after spending two years talking to bankers, Jimmy John has decided that he does not dig Wall Street. That's... interesting.
What flavor of Wall Street has he been sampling?
The Huffington Post reported in October that Jimmy John’s was pursuing an IPO and had scheduled road-show meetings. Morgan Stanley (NYSE: MS) was serving as the lead book runner for the deal, which would have valued Jimmy John’s at about $2 billion, the website said.
Sounds like Jimmy John thinks Morgan Stanley needs a little more rare roast beef.