What is Peter Cancro’s net worth?
Peter Cancro is an entrepreneur who has a net worth of $500 million. He has built one of the most successful submarine sandwich businesses in the United States.
Peter started it all from a single sandwich shop that he started working for while in high school.
Cancro turned his love for working at that single sandwich shop into an empire with more than 1500 locations across the country.
Peter Cancro was born on May 15th, 1957, in Point Pleasant, New Jersey.
He and his brother John both grew up in New Jersey with their parents.
Cancro spent his childhood in the same neighborhood and attended the local grade school, middle school, and high school in Point Pleasant, New Jersey.
He started working at a very early age as a cashier at a local sandwich shop called Mike’s. That first job was at the tender age of 14, and he continued to work there all through high school.
After graduating from Point Pleasant High School, after working at Mike’s Sandwich shop for four years, he purchased Mike’s in 1975.
He became the fourth owner of the restaurant since it first opened in 1957.
Shortly after becoming the owner, he changed the name, and it is now known as Jersey Mike’s Subs.
With more than 1500 locations in 47 states and still growing.
The College Years
Peter actually had plans to attend college and pursue a degree in law; however, that changed.
Before he make any concrete plans for college, he heard that the current owner of the Mike’s Sub Shop was looking to sell.
So, he quickly pivoted, and instead of becoming a lawyer, you chose to become a businessman instead.
Career Accomplishments
Peter Cancro became a very successful businessman without going to business school.
After purchasing the original Jersey Mike’s Subs in 1975, he ran the single location until he decided that he was ready to switch his business model to franchising in 1987.
By 2014 the number of shops had grown to a whopping 750 locations across the country.
With an explosion of growth occurring in 2015, he reached the milestone number of 1000 stores.
Peter had a very ambitious goal of reaching 2000 locations by 2020.
Jersey Mike’s Sub Shop is now an international company with locations in Queensland, Australia, and 2 locations in Ontario, Canada.
Awards
As a businessman, Cancro has been recognized numerous times for his success in growing his business, Jersey Mike’s Subs.
The awards and recognition came from several leading industry publications, including:
- Awarded the 2013 Golden Chain Award winner by the Nation’s Restaurant News
- Named “Entrepreneur of the Year” in 2013
- The 2019 Silver Plate Award in the Chain Limited Service category
Wife
Peter Cancro has been married twice and divorced once in his life.
He married his first wife, Linda, just after high school. They stayed together for about 20 years and had two kids together, Robert and Caroline.
They ended up getting a divorce, which was said to be amicable, and they remained on friendly terms.
Peter did end up remarrying sometime after the divorce.
Peter Cancro and his new wife to be Tatiana, exchanged wedding vows sometime in February 2014. Tatiana is much younger than Peter.
READ MORE: Mario Van Peebles Net Worth
Real Estate
There is not much to be found regarding any houses or real estate holdings to speak of from Peter’s original marriage to Linda.
As far as a house or property goes, there is a current listing in the New Jersey area.
Peter and Tatiana recently took ownership of a super fancy four-bedroom unit on East 68th St, in New Jersey, which is reported to be worth $15.68 million.
Net Worth 2024
So, how much is Peter Cancro worth? The primary source of Peter Cancro’s money comes from the business that he started. As the CEO of Jersey Mike’s Subs, he brings in a cool $9 million annually. Therefore, businessman Peter Cancro has an estimated net worth of $500 million.
As the number of stores continues to expand, his income continues to climb.
The profits from the 2000-plus locations sit at roughly $1 billion, and this is a mindboggling number. In 2024, the company announced an expansion into Canada.
Key facts
Cancro’s bottom line is pretty staggering, considering so many restaurants do not even survive the first year, let alone grow as much as Jersey Mike’s Subs has.
Under his leadership as the CEO, the company continues to grow and open new locations all across the United States.
For all his efforts and hard work, Peter has amassed a pretty substantial fortune.
READ THIS NEXT: Who is Karen Civil?
I am Bulgarea Candin Stefan, and I founded FamousPeopleToday.com in 2018. I’m using my bachelor’s degree in economics and 9 years of experience in blogging to guide millions of people through the incredibly complex world of celebrity net worths.
George F. Engle
Monday 27th of March 2023
Peter, you are an example of the American Dream. Your hard work ethic and the sacrifices you faced I'm guessing were mammoth. To read that you had the encouragement of your Mom is invaluable. You've done well and deserve all the awards that come due to your efforts. Congratulations!