It’s a MOD world: Pizza company saved from bankruptcy, for the moment

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MOD Pizza, teetering on the brink of bankruptcy, has been purchased by Elite Restaurant Group. (Getty Group)

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

During the first quarter, the chain closed underperforming locations and provided severance to employees who could not be transferred to another location. According to“We have occasionally closed units that are unprofitable, which is the normal course of business for any company our size,” the company said in a statement emailed toMOD officials plan to restructure debt. The company is working on a turnaround plan that involves “rightsizing the portfolio” and enhancing the guest experience.

 

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