The founder of Jimmy John’s, whose name happens to be Jimmy John Liautaud, will be out of Illinois faster than you can say, “did someone order Jimmy John’s?” According to Crain’s, he will move his operations to Florida in early 2013, citing the exorbitant tax hike in Illinois for his decision, which increased from 3 percent to 5 percent just last year. He also commented that he “doesn’t like the way they spend the tax…” and that is what’s “driving…[him] away.”
Last week, Liautaud participated on a panel regarding tax rates and corporate growth, and mentioned that other Midwestern states have been very interested in his chain, lavishing him with expensive business courtship maneuvers and lucrative tax incentives, in hopes of pulling him in their respective directions. Okay then!
So, while we don’t know the fate of Jimmy John’s, it sounds as though as of next year it won’t be a believed Illinois-based institution anymore.
Jimmy John’s Founder Moving Operations Out of State Next Year [Crain’s]