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Nationwide pizza chain on brink of bankruptcy has a new owner
A popular pizza chain on the cusp of bankruptcy has been saved - but it is not clear if any restaurants will be still be shut.
There had been two weeks of speculation that Mod Pizza would file for Chapter 11 bankruptcy. The chain has 512 locations across 28 US states.
It has now announced it has a new owner - Elite Restaurant Group, an LA-based company that has a track record of buying up underperforming chains.
Mod is the biggest acquisition yet for Elite. Its portfolio includes various brands such as the burger chain Slater's 50/50, family-dining Marie Callender's, Patxi's Pizza, and Greek chain Daphne's.
'Mod has an outstanding culture and passionate, loyal guests and employees,' Michael Nakhleh of Elite Restaurant Group said in a statement.
Mod Pizza has 512 locations across America. It was rumored to be considered bankruptcy
'We recognize the inherent value this represents and look forward to helping MOD write the next chapter in its history.'
Beth Scott, CEO of Mos said the chain 'is a beloved brand with a strong following'.
'We're excited to work with Elite Restaurant Group to strengthen MOD's future,' she added.
Mod - known for its custom personal pizzas and salads - shut 44 'underperforming' restaurants this year.
There were fears of more when it emerged on July 3 that Mod was preparing to file for bankruptcy, according to Bloomberg.
Mod Pizza was founded in 2008 in Seattle and soon expanded in Washington and then across America.
It has the most locations in Texas at 113. The next most are in its home state Washington, with 72. Neighbouring Oregon has 32 and California, further down the coast, has 46.
Restaurants have increasingly been struggling this year.
They have been putting up prices over the past two years - as they pass on higher costs to customers. But these price hikes have led to a fall in visitors.
Bigger chains like Applebee's, TGI Fridays and Boston Market have have all recently shuttered restaurants, as have smaller chains like BurgerFi.
MOD Pizza has been bought by Elite Restaurant Group
Red Lobster filed for bankruptcy in May and also shuttered almost 100 restaurants.
Chains have been worst hit in California where the minimum wage for fast food restaurants jumped to $20-an-hour from April 1. In early June, Mexican chain Rubio's shut 48 locations in the state and also filed for bankruptcy.
Two weeks ago, it emerged that almost 150 Pizza Hut restaurants are set to close due to an ongoing financial dispute with one of its major franchisees.
June 14 saw the abrupt shuttering of 15 locations in Indiana that left staff and customers stunned.
A further 129 across Illinois, Georgia, South Carolina and Wisconsin are on the brink of shutting as part of the dispute.