MOD Pizza announces new owner in attempt to stave off bankruptcy

MOD Pizza, a fast-casual chain known for its customizable individual pizzas, has been acquired by Elite Restaurant Group. The terms of the deal remain undisclosed. The acquisition comes after reports of MOD Pizza considering bankruptcy. The company has stated that it is working on a turnaround plan to improve its capital structure. MOD Pizza aims to avoid the fate of other fast-casual chains struggling due to customer pullback amid inflation concerns. The company, founded in 2008, currently has over 540 locations in the US and Canada.