The fast-casual pizza chain MOD Pizza has been acquired by Elite Restaurant Group. Terms of the deal have not been disclosed. Corporate and local representatives with MOD Pizza said they don’t know of any plans to close restaurants at this time.
News of the acquisition comes after reports nationally last week that MOD was considering filing for bankruptcy.
In a statement to OT last week, Rick Van Warner with MOD Communications and Media Relations spokesperson, said: “We’re working diligently to improve our capital structure and are exploring all options to do so.”
MOD announced the sale in a release Wednesday afternoon, saying Elite was acquiring 100% of MOD’s equity.
“MOD has an outstanding culture and passionate, loyal guests and employees,” Michael Nakhleh of
Elite Restaurant Group said in the release. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”
MOD and its franchisees own and operate restaurants in 28 states and Canada.
The release says that in recent months, “MOD has been implementing a plan that includes rightsizing its portfolio, refreshing its brand, and further elevating guest experiences. It has made steady improvements to the overall business.”
“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.”
The release did not indicate if there would be any changes to existing MOD locations or any closures.
Van Warner told OT he “do[es] not know of any such plans” to close restaurants throughout the company.
Managers at the local store said they have not heard of any plans to close the local store. They still plan to continue business as usual.
MOD Pizza is located at 2710 Heartland Crossing Boulevard Suite C, just off KY 54.
