MOD Pizza announced in 2024 that executives were “exploring all options” to improve its financial plans amid reports of a possible bankruptcy filing. (Getty Images)
Days after reports circulated that Mod Pizza, a fast-casual, build-your-own pizza chain, was filing for bankruptcy, the company announced it has new owners.
Elite Restaurant Group, a Southern California-based company, has acquired the pizza chain through a merger agreement between MOD and a subsidiary of Elite.
“MOD has an outstanding culture and passionate, loyal guests and employees,” said Michael Nakhleh, president and owner of Elite Restaurant Group, in a press 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, most of which are in Texas and Washington. The company has 46 locations in California.
The pizza chain, founded in Seattle in 2008, has already closed 44 of its own restaurants this year, the company confirmed to Nexstar, the parent company of KTLA.
A few years ago, however, MOD Pizza was one of the fastest-growing restaurant chains in the country, opening 110 of its then 200-plus locations in 2017 alone, Business Insider reported.
In May 2021, there were 500 MOD Pizza locations in the U.S. The company celebrated the milestone by giving away free individual pizzas to the first 50 customers at each location.
Terms of the agreement between Mod Pizza and Elite Restaurant Group were not disclosed.