MOD Pizza announces new owner amid financial woes
FILE-Image of a MOD Pizza restaurant in Mount Prospect, Illinois. (Christopher Dilts/Bloomberg via Getty Images)
MOD Pizza will operate under new ownership as the company manages financial challenges.
The fast-casual pizza chain announced that Elite Restaurant Group is the new owner.
"MOD is a beloved brand with a strong following," Beth Scott, CEO of MOD Pizza said in a statement. "We’re excited to work with Elite Restaurant Group to strengthen MOD’s future."
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Elite Restaurant Group also released a statement confirming the news.
"MOD has an outstanding culture and passionate, loyal guests and employees," Michael Nakhleh of Elite Restaurant Group said in a MOD company release. "We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history."
After reports circulated that the company was considering bankruptcy, MOD said in a company release that it has a plan in place and "it has made steady improvements to the overall business."
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The Seattle-based company has restaurants in 28 U.S. states and Canada.
MOD’s ownership news comes as the restaurant industry grapples with high inflation, sales growth, and customers cutting back on eating out. In May, Red Lobster filed for bankruptcy, saying in a court filing that it has estimated debts between $1 billion and $10 billion.
This story was reported from Washington, D.C.