In a recent announcement, MOD Pizza, the popular fast-casual chain known for customizable individual pizzas, revealed that it has a new owner. Elite Restaurant Group has acquired MOD in a move that could potentially prevent or delay a bankruptcy filing. Details of the deal were not disclosed, and information about the acquiring company is scarce online.
This news comes after reports surfaced last week that MOD Pizza was considering filing for bankruptcy. However, a company spokesperson reassured the public by stating that a turnaround plan was in progress. “We’re working diligently to improve our capital structure and are exploring all options to do so,” said Rick Van Warner, the MOD spokesperson.
With the restaurant industry facing challenges due to inflation-weary customers cutting back on dining out, MOD Pizza is determined to avoid the fate of other fast-casual chains. Red Lobster, for example, filed for Chapter 11 bankruptcy in May due to significant debt and limited cash reserves.
Founded in 2008 in Seattle, MOD Pizza offers a wide variety of toppings and sauces for its customizable pizzas. The chain boasts more than 540 locations across the United States and Canada. Earlier this year, MOD welcomed a new CEO, Beth Scott, while founder Scott Svenson transitioned to the role of executive chairperson.
In a statement released in January, Svenson expressed his intention to step back from the daily operations of the business. Despite facing challenges, MOD Pizza remains committed to its mission. As of July 3, the chain had made the difficult decision to close 44 of its restaurants.
