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Struggling fast-casual pizza chain MOD Pizza has been acquired by Elite Restaurant Group, according to a company announcement on Wednesday. The news comes after reports last week that MOD was considering filing for bankruptcy.
Financial Woes Prompt Sale
The terms of the deal were not disclosed, and information about Elite Restaurant Group is limited online. The acquisition is seen as a possible lifeline for MOD, which has been facing financial difficulties. This comes amid a challenging climate for the restaurant industry, with inflation causing consumers to cut back on discretionary spending, including dining out. Red Lobster, another restaurant chain, filed for bankruptcy in May, citing significant debt and low cash reserves.
MOD’s Recent Changes
Founded in Seattle in 2008, MOD Pizza is known for its customizable pizzas with a wide variety of toppings and sauces. At its peak, the company boasted over 540 locations across the US and Canada. However, it has recently closed 44 restaurants. In January, MOD underwent a leadership change, appointing Beth Scott as the new CEO. Scott Svenson, who co-founded MOD with his wife Ally, transitioned to the role of executive chairperson.
Future Uncertain for MOD
While the acquisition by Elite Restaurant Group offers a potential path forward, MOD’s future remains uncertain. The new owner will need to implement a turnaround strategy to address the company’s financial woes and reverse its recent decline
