admin MOD Pizza, the fast-casual chain offering customizable pizzas, announced new ownership. Elite Restaurant Group acquired MOD, though the deal’s terms are undisclosed. The company is now working on a turnaround plan to avoid bankruptcy.
MOD faced potential bankruptcy last week, but a spokesperson emphasized their efforts to improve their capital structure. Rick Van Warner said, “We’re exploring all options to improve our capital structure.” The fast-casual restaurant industry struggles with inflation. Customers are cutting back on dining out, impacting chains like MOD Pizza. Red Lobster filed for Chapter 11 bankruptcy in May, citing over $1 billion in debt.
Founded in 2008 in Seattle, MOD Pizza offers 40 toppings and eight sauces for customizable pizzas. The company boasts over 540 locations in the U.S. and Canada. In January, MOD announced Beth Scott as the new CEO. Scott Svenson, the co-founder with his wife Ally, transitioned to executive chairperson. Svenson stated he knew he “would eventually transition out of daily operations.”
MOD closed 44 restaurants recently. Despite these challenges, the company is committed to reviving its fortunes and continuing its growth. The new ownership and turnaround plan aim to stabilize MOD Pizza. The fast-casual chain is determined to avoid the fate of other struggling restaurants.
MOD Pizza’s customizable menu remains a highlight. Customers can choose from a wide array of toppings and sauces, ensuring a unique dining experience. With a new leadership team and strategic plans, MOD Pizza is hopeful. The company seeks to attract customers back to its restaurants despite economic challenges. MOD Pizza’s new ownership by Elite Restaurant Group brings hope. The fast-casual chain is working diligently to improve its financial situation and continue serving its customers.
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