A national fast-casual pizza chain may be on the brink of bankruptcy as it searches for a buyer, according to several media reports.
A report by Bloomberg found that the Seattle-based MOD Pizza is the latest chain restaurant to consider a bankruptcy filing. The Wall Street Journal reported that MOD Pizza hired legal and financial advisers to work on a potential bankruptcy filing while searching for a buyer.
“We’re working diligently to improve our capital structure and are exploring all options to do so. Since this is an ongoing process, it would be inappropriate to speculate about an outcome,” a MOD representative shared with Nation’s Restaurant News in a statement.
The media outlet stated that MOD operated 553 locations at the end of 2023 — a 4.1% increase from the year prior.
Earlier this year, the pizza chain shut down more than two dozen restaurants in 11 states and the District of Columbia, according to industry publication PMO Pizza.
MOD was founded in 2008 as part of a wave of build-your-own pizza places including Blaze.
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