Jimmy John’s is somewhat of a misnomer for the national sandwich chain, which no longer belongs to its controversial chairman and founder “Jimmy John” Liautaud.

Liautaud sold a majority stake in the franchise to Roark Capital Group in a 2016 leveraged buyout. The 2,690-store chain will have no claim to its franchise fee and royalty payments, either, after pledging them over in its first-ever, $850 million whole business securitization, according to a presale reports issued by Kroll Bond Rating Agency and S&P Global Ratings.

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