COMMITMENTS AND CONTINGENCIES	9 Months Ended
Sep. 27, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various legal proceedings, claims and liabilities arising in the ordinary course of business, including matters involving employees, franchise owners, and guests. The Company records accruals for legal contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. As of September 27, 2026 and December 28, 2025, management believes the ultimate resolution of any matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. Contingent Consideration In connection with the Reorganization Transactions, the contingent consideration liability from the sponsor acquisition was assigned to Jersey Mike’s Holdings. Jersey Mike’s Holdings is now subject to an earn-out providing for a payment of $250 million upon the earlier of (i) the opening of the 4,000th Jersey Mike’s store worldwide or (ii) a change in control. The liability is recorded at the present value of the expected payment. It accretes to the expected settlement amount through the expected payment date. Accretion, and any changes in the estimated amount or timing of the payment, are recognized in Revaluation of contingent liability on the Condensed Consolidated Statements of Operations. The Company recognized $2 million of revaluation expense during the thirteen and thirty-nine weeks ended September 27, 2026. As of September 27, 2026, the liability was $227 million and is included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 27, 2026

Commitments and Contingencies Disclosure [Abstract]

The Company is subject to various legal proceedings, claims and liabilities arising in the ordinary course of business, including matters involving employees, franchise owners, and guests. The Company records accruals for legal contingencies when it is probable that a liability has been incurred and the amount can be reasonably estimated. As of September 27, 2026 and December 28, 2025, management believes the ultimate resolution of any matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows.

Contingent Consideration

In connection with the Reorganization Transactions, the contingent consideration liability from the sponsor acquisition was assigned to Jersey Mike’s Holdings. Jersey Mike’s Holdings is now subject to an earn-out providing for a payment of $250 million upon the earlier of (i) the opening of the 4,000th Jersey Mike’s store worldwide or (ii) a change in control.

The liability is recorded at the present value of the expected payment. It accretes to the expected settlement amount through the expected payment date. Accretion, and any changes in the estimated amount or timing of the payment, are recognized in Revaluation of contingent liability on the Condensed Consolidated Statements of Operations. The Company recognized $2 million of revaluation expense during the thirteen and thirty-nine weeks ended September 27, 2026. As of September 27, 2026, the liability was $227 million and is included in Other non-current liabilities on the Condensed Consolidated Balance Sheets.