The story
Mr. Sub was founded in Toronto, Canada, in 1968 by two friends, Jack Levinson, an accounting clerk, and Earl Linzon, a gym teacher, with $1500 start-up capital (equivalent to $13,000 in 2025).
The first Mr. Sub restaurant, then called Mr. Submarine, opened at 130 Yorkville Avenue, on the ground floor of a converted Victorian row house. After a positive response, the two founders opened a second restaurant five months later.
In 1972, Mr. Submarine sold its first franchise, and officially became Mr. Sub in 1990.
Mr. Sub was originally the only major franchise retailer of submarine sandwiches in Canada, until going into decline in the mid-1990s after the arrival of American chains such as Subway and Quiznos, facing stiff competition from those chains, notably surviving on its dominance of the small town and countryside markets, and regular take-out food courts of public institutions i.e. hospitals, courthouses, civil, law and financial offices and low-key shopping complexes that cater to an older demographic. There was speculation in 2005 that Michael Bregman, the former owner of the Second Cup coffee chain, was contemplating a purchase of the chain. Other names floated as possible suitors have included Swiss Chalet parent Cara Operations and KFC operator Priszm Canadian Income Fund. The doughnut chain Country Style was briefly interested in Mr. Sub in 2005.
On August 18, 2011, MTY Food Group, which by then owned Country Style, announced that it would acquire Mr. Sub at the end of October 2011 for $23 million.
From Wikipedia’s article on Mr. Sub, shared under CC BY-SA 4.0.4