A popular pizza chain with nearly two dozen Illinois locations has announced new ownership as the company faced bankruptcy fears.
MOD Pizza announced this week that Elite Restaurant Group has "acquired 100% of the equity of the company" following a merger agreement between MOD and an affiliate of Elite.
“MOD has an outstanding culture and passionate, loyal guests and employees,” Michael Nakhleh of Elite Restaurant Group said in a statement. “We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.”
MOD, a fast-casual pizza and salad restaurant, own and operate restaurants in 28 U.S. states, including 22 in Illinois.
The company said in recent months it has been working to "rightsize" its portfolio and "refresh its brand."
“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 pizza chain named a new CEO early this year as Scott Svenson, who co-founded MOD in 2008 with his wife Ally, transitioned to executive chairperson.
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The company is hoping to avoid a fate similar to other fast-casual restaurants like Red Lobster, which filed for Chapter 11 bankruptcy protection days after shuttering nearly 50 restaurants across more than 20 states, including Illinois.
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