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MOD Pizza acquired following store closures, report of potential bankruptcy

The acquisition comes after the pizza chain closed more than 20 "underperforming" locations this year, according to a report in April.

SEATTLE — MOD Pizza announced Wednesday it has been acquired following the shuttering of several locations earlier this year and a report it was considering filing for bankruptcy.

Bellevue-based MOD Pizza said Southern California-based Elite Restaurant Group has acquired 100% of the company's equity. 

“MOD is a beloved brand with a strong following,” said Beth Scott, CEO of MOD Pizza. “We’re excited to work with Elite Restaurant Group to strengthen MOD’s future.”

This comes after the pizza chain closed more than 20 "underperforming" locations this year, according to a report in April. Two of those locations were in Seattle, the report said.

The acquisition also comes after Bloomberg reported earlier this month that the pizza chain was preparing for potential bankruptcy. A source reportedly told Bloomberg that the bankruptcy filing could have come as soon as this week.

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Before announcing the acquisition, MOD Pizza said in a statement to KING 5 that it was exploring all options to "improve our capital structure."

MOD Pizza was founded in Seattle in 2008 by Scott and Ally Svenson. The pizza chain now has more than 500 locations nationwide.

“MOD has an outstanding culture and passionate, loyal guests and employees,” said Michael Nakhleh of Elite Restaurant Group. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”

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