On Wednesday, July 10, Mod Pizza, a 500-location chain based in Seattle, introduced that it was being bought to Elite Restaurant Group, an organization that Restaurant Enterprise Journal describes as “a collector of financially troubled restaurant manufacturers.”
Mod has definitely confronted some hassle not too long ago. Final week, Bloomberg reported that the chain was contemplating submitting for chapter, and this sale will apparently enable it to keep away from that destiny.
Mod was based in 2008 by husband and spouse Scott and Ally Svenson, who had beforehand based the Seattle Espresso Firm, confusingly, in the UK. Starbucks purchased the Seattle Espresso Firm in 1998 as a part of its European enlargement plan; Scott labored for Starbucks till deciding to get into the pizza sport.
At Mod, you may construct your personal pizza and watch it cook dinner in a 800-degree oven. The idea was profitable sufficient that the chain expanded quickly and attracted a number of funding, together with $160 million from a personal fairness agency in 2019 that Mod hoped would assist it develop to over 1,000 places. Even after the onset of the pandemic Mod had optimistic expectations; in 2021 it was making ready to go public.
That by no means occurred. As an alternative, Scott Svenson stepped down as CEO earlier this 12 months and was changed by Beth Scott, who has overseen the closure of 44 shops, together with its large flagship location in Pioneer Sq..
“MOD has an impressive tradition and passionate, loyal visitors and staff,” stated Michael Nakhleh of Elite Restaurant Group in a press launch. “We acknowledge the inherent worth this represents and look ahead to serving to MOD write the subsequent chapter in its historical past.”
