Steve, who posts on TikTok as @magicmansteve1, captured his moment of retail disbelief in a short video that’s already racked up over 50,000 views. The New Jersey man films himself walking away from the counter at a Jersey Mike’s, clearly frustrated. “No cash,” he says flatly to the camera, repeating, “Jersey Mike’s, no cash,” in a tone that suggests he still can’t quite believe it. He ultimately shrugged it off, concluding that it was just “Their prerogative.”
While Steve initially questioned the policy, wondering if the company simply didn’t trust its employees, the truth behind the decision is much bigger than a few rogue cash registers. It points directly to an $8 billion deal and a massive corporate shift.
He reported that the sub he eventually got was “chewy,” and he’s definitely “had better.” This personal assessment sparked an immediate reaction from viewers, many of whom agreed with him. One user bluntly wrote, “You couldn’t give me Jersey Mike’s for free.” Another person linked the dip in quality directly to the ownership changes, saying, “Since it was bought by equity firm, the sandwiches suck. visit ur local mom and pop shop.”
The frustrating part for Steve is that the sandwich wasn’t even worth the trouble
Asset management company Blackstone completed an $8 billion deal to acquire a majority share of the sub shop in January 2025. About a year later, the allegations that the sandwiches had shrunk or declined in quality started popping up. While nothing was ever confirmed, it’s a well-known fact that private equity firms prioritize high efficiency, lower costs, and quick expansion.
For Jersey Mike’s, the growth target is huge. The company is aiming to double its footprint, going from 3,000 stores to 6,000. When you’re trying to ramp up that quickly, every inefficiency has to go. However, going cashless is, in my opinion, a terrible way to run a customer-facing business. Companies that refuse cash do so at peril to their bottom line because they instantly exclude millions of people. There are nearly 6 million unbanked individuals in America who rely solely on cash for their daily transactions.
Furthermore, cash usage is actually increasing among younger people. Reports show that nearly 70% of the Gen Z age group reported using cash more frequently in 2022. If you’re trying to build a customer base for the future, shutting out a major demographic seems like a huge mistake. There’s also the issue of privacy when using apps like Apple Pay. Plus, there’s some mistrust in the public with cases of self-checkout card readers adding phantom fees in major retail stores like Walmart.
The top comment agreed completely with the cash-carrying customer. It stated, “Anyplace that says NO CASH! Means No BUSINESS FROM ME.” It definitely makes you wonder if there’s really that much money in lunch. Given that the U.S. sandwich sector was valued at $41.5 billion in 2024, and Jersey Mike’s is now the fourth-largest sandwich chain in the country, the answer is a resounding yes.
But even with billions of dollars on the line, alienating loyal customers over a five-dollar bill might be a cost they weren’t expecting to pay.
Published: Jan 23, 2026 01:30 pm