What is Peter Cancro Net Worth in 2020? Some Details
Learn about the net worth and earnings of American entrepreneur Peter Cancro.
Peter Cancro is a reputed American entrepreneur and businessman. He is the CEO and co-founder of the American submarine sandwich chain Jersey Mike's Subs. The company has more than 1,500 locations in the United States.
Peter Cancro is the fourth owner of Jersey Mike's Subs, which was founded in 1956. As a Chief Executive of one of the biggest fast-food companies in the country, Peter makes a lot of money from his managerial position. But exactly how much does he make, and what is his net worth? Let's find out.
What is Peter Cancro Net Worth in 2020?
According to Celebrity Net Worth, Jersey Mike's Subs CEO Peter Cancro holds an estimated net worth of $400 million as of December 2020. He made this amount of net worth from all the years of working in the company Jersey Mike's Subs, which has more than 1,500 locations in the United States.
Jersey Mike's Subs CEO Peter Cancro holds an estimated net worth of $400 million as of December 2020.
A native of Pleasant Beach, New Jersey, Peter Cancro began working at a sandwich place called Mike's Submarines when he was 14 years old in 1971. That was his first real job, and during his senior year of high school, he found out that the shop owners, two brothers, were looking to sell. The selling price was $125,000, so Peter's mother suggested that he should buy it.
Peter Cancro then purchased the shop for $125,000, which is equal to $700,000 to $800,000 today, as per Forbes magazine. But as he was the new owner of the business, he had to halt his plan to study law at the University of North Carolina. But it was worth the risk.
'New Yorkers and North Shore people would come down,' Peter Cancro says. 'It got really busy, crazy in the summer. We did tremendous volume. We probably sold more subs than anyone in the world.' The customers would get their subs wrapped to travel them out West, to South America and London.
Peter Cancro Grew the Business Into the Huge Company That It is Today
Peter Cancro's business was doing very well, and after a while, he decided to take it to the next level. 'After a while, I thought, 'We really need to grow this thing and franchise it,' Cancro said.
Peter Cancro grew his submarine-sandwich selling shop to a huge company it is today by growing it.
In 1989, when he was 29 years old, Peter Cancro hired attorneys to set up his franchising business. 'It absolutely took off in our own little area, Monmouth County, the Jersey Shore,' he said. 'We put everything back into the business that we earned, just to grow.'
But in the 1991 recession, Peter Cancro's business took a hard hit, and for the next two years, no progress was made. He lost $2 million, but he did not declare bankruptcy.
'Unfortunately, we had to lay off the five or six people I had working with me,' Peter Cancro said. 'After six months, one guy came back, after a year, another came back. Everyone is back with me now.'
But in 1994, Peter Cancro's business began to grow again. The company grew and grew and has become a huge enterprise that it is today. So far, there are 1,600 stores in 47 states, and the company has achieved $1 billion in revenue.
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