Nationwide pizza chain on brink of bankruptcy has a new owner

A celebrated pizza concatenation connected nan cusp of bankruptcy has been saved - but it is not clear if immoderate restaurants will beryllium still beryllium shut.

There had been 2 weeks of speculation that Mod Pizza would record for Chapter 11 bankruptcy. The concatenation has 512 locations crossed 28 US states.

It has now announced it has a caller proprietor - Elite Restaurant Group, an LA-based institution that has a way grounds of buying up underperforming chains. 

Mod is nan biggest acquisition yet for Elite. Its portfolio includes various brands specified arsenic nan burger concatenation Slater's 50/50, family-dining Marie Callender's, Patxi's Pizza, and Greek concatenation Daphne's.

'Mod has an outstanding civilization and passionate, loyal guests and employees,' Michael Nakhleh of Elite Restaurant Group said successful a statement. 

'We admit nan inherent worth this represents and look guardant to helping MOD constitute nan adjacent section successful its history.' 

Beth Scott, CEO of Mos said nan concatenation 'is a beloved marque pinch a beardown following'.

'We're excited to activity pinch Elite Restaurant Group to fortify MOD's future,' she added.

Mod - known for its civilization individual pizzas and salads - shut 44 'underperforming' restaurants this year. 

There were fears of much erstwhile it emerged connected July 3 that Mod was preparing to record for bankruptcy, according to Bloomberg.

Mod Pizza was founded successful 2008 successful Seattle and soon expanded successful Washington and past crossed America.

It has nan astir locations successful Texas astatine 113.  The adjacent astir are successful its location authorities Washington, pinch 72. Neighbouring Oregon has 32 and California, further down nan coast, has 46. 

Restaurants person progressively been struggling this year. 

They person been putting up prices complete nan past 2 years - arsenic they walk connected higher costs to customers. But these value hikes person led to a autumn successful visitors. 

Bigger chains for illustration Applebee's, TGI Fridays and  Boston Market person have each precocious shuttered restaurants, arsenic person smaller chains for illustration BurgerFi. 

Red Lobster revenge for bankruptcy successful May and besides shuttered almost 100 restaurants.  

Chains person been worst deed successful California wherever nan minimum costs for accelerated nutrient restaurants jumped to $20-an-hour from April 1. In early June, Mexican concatenation Rubio's unopen 48 locations successful nan authorities and besides revenge for bankruptcy. 

Two weeks ago, it emerged that almost 150 Pizza Hut restaurants are group to adjacent owed to an ongoing financial conflict pinch 1 of its awesome franchisees.

June 14 saw nan abrupt shuttering of 15 locations successful Indiana that near unit and customers stunned. 

A further 129 crossed Illinois, Georgia, South Carolina and Wisconsin are connected nan brink of shutting arsenic portion of nan dispute.