Days after reports circulated that Mod Pizza, a build-your-own” fast-casual pizza chain, would file for bankruptcy, the company announced that it has a new owner.
Elite Restaurant Group, a company based in Southern California, has acquired the pizza chain through a merger agreement between MOD and an Elite affiliate.
“MOD has an outstanding culture and passionate, loyal guests and employees,” Michael Nakhleh, president and owner of Elite Restaurant Group, said in a news release. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”
MOD Pizza currently has 512 locations in 28 states, with the most in Texas and Washington. The company has 46 locations in California.
The pizza chain, founded in Seattle in 2008, has already closed 44 company-owned restaurants this year, the company confirmed to Nexstar, the parent company of KTLA.
However, several years ago, MOD Pizza was one of the fastest-growing restaurant chains in the country after opening a total of 110 of its then-200-plus locations in 2017 alone, Business Insider reported.
By May 2021, there were 500 MOD Pizza locations in the U.S., a milestone the company celebrated with free individual pizzas for each location’s first 50 customers.
Terms of the deal between Mod Pizza and Elite Restaurant Group weren’t disclosed.