Jimmy John\u2019s, the sandwich chain with about 2,300 restaurants across the U.S., has shelved plans for an initial public offering.<\/p>\n
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 running the business he founded in 1983.<\/p>\n
Liautaud, who didn\u2019t attend college, opened the first Jimmy John\u2019s in Charleston, Illinois, after graduating from high school. The 51-year-old expects the chain to finish the year with more than $2 billion in sales. It has 51 company-owned stores, with the rest operated by franchisees. Private-equity firm Weston Presidio bought 28 percent of Jimmy John\u2019s in 2007 and still owns the stake, Liautaud said.<\/p>\n
Jimmy John\u2019s had been pursuing an IPO and had scheduled road-show meetings. Morgan Stanley was serving as the lead book runner for the deal, which would have valued Jimmy John\u2019s at about $2 billion, the website said.<\/p>\n
The road show never happened, and Liautaud scrapped the IPO plan in October because he wanted to focus on managing the sandwich chain in what\u2019s become a tough climate for restaurants. The decision wasn\u2019t based on conditions in the IPO market, the company said.<\/p>\n
The chain, which had early success opening near college campuses and staying open late, is currently making an expansion push in California. An additional 1,300 restaurants are slated to open in the U.S. over the next five years, Liautaud said.<\/p>\n
\u201cI need to be here balancing all the dishes that are spinning,\u201d\u00a0he said.<\/p>\n
Jimmy John\u2019s, the sandwich chain with about 2,300 restaurants across the U.S., has shelved plans for an initial public offering. Chief Executive Officer Jimmy John Liautaud, a majority owner of the company, said he spent the past two years talking … Continue reading ![\"Jimmy](\"http:\/\/www.w-t-w.org\/en\/wp-content\/uploads\/2015\/12\/Jimmy-Johns.jpg\")
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