MOD Pizza Acquired by Elite Restaurant Group After Financial Struggles

The fast-casual chain closes 44 locations and avoids bankruptcy through new ownership.

MOD Pizza was acquired by Los Angeles-based Elite Restaurant Group to prevent bankruptcy.
The pizza chain closed 44 restaurants this year amid financial difficulties.
Elite Restaurant Group plans to strengthen MOD Pizza's brand and operations.
The acquisition follows a trend of restaurant industry challenges, including rising labor costs and decreased consumer spending.
MOD Pizza has over 500 locations across the U.S. and is known for its customizable pizzas.