MOD Pizza’s New Ownership Sparks Hope for Revival

MOD Pizza, the fast-casual chain offering customizable pizzas, announced new ownership. Elite Restaurant Group acquired MOD, though the deal’s terms are undisclosed. The company is now working on a turnaround plan to avoid bankruptcy. MOD faced potential bankruptcy last week, but a spokesperson emphasized their efforts to improve their capital structure. Rick Van Warner said, “We’re exploring all options to improve our capital structure.” The fast-casual restaurant industry struggles with inflation. Customers are cutting back on dining out, impacting chains like MOD Pizza. Red Lobster filed for Chapter 11 bankruptcy in May, citing over $1 billion in debt.