Mod Pizza is set to be acquired by Elite Restaurant Group, a move that could prevent the chain from filing for bankruptcy.
The Seattle-based pizza chain announced that it had been purchased by the Southern California company for an undisclosed amount. According to Mod, this agreement will assist in managing its capital structure.
Earlier in July, the Wall Street Journal reported that Mod was seeking a buyer to explore alternative financial solutions.
Mod Pizza, known for its “build your own” pizza model, has over 500 locations across the U.S., particularly in states like Texas, Washington, and California. However, it has been forced to close dozens of locations, as first reported by KTLA.
Like many casual dining chains impacted by the Covid-19 pandemic, this acquisition could be a strategy for Mod to continue its operations.
Michael Nakhleh, President and owner of Elite Restaurant Group, expressed optimism about Mod Pizza’s future, highlighting the chain’s strong culture and loyal customers and employees. He stated that Elite recognizes Mod’s value and is excited to support its next chapter.
Based in Los Angeles, Elite Restaurant Group is known for rescuing restaurant brands facing financial difficulties, including Slater’s 50/50, Gigi’s Cupcakes, Project Pie, and Patxi’s Pizza.