Fashionable fast-casual pizza chain Mod Pizza might quickly be submitting for chapter — following within the footsteps of a number of different well-known US eating places, in line with a brand new report.
The corporate, which has areas in 28 states, is getting ready a possible chapter submitting and will enter courtroom safety as quickly as subsequent week, sources advised Bloomberg Wednesday.
Nevertheless the scenario is fluid and plans might change, the sources, who requested to not be recognized to share the insider information, advised the publication.
Quick-casual chain Mod Pizza is getting ready a possible chapter submitting and will enter courtroom safety as quickly as subsequent week, sources advised Bloomberg. Daniel Larlham Jr. / USA TODAY NETWORK
The pizza joint identified for its made-on-the-spot, customizable private pizzas has greater than 500 areas throughout the nation since opening its first restaurant in Seattle in 2008.
Mod Pizza earned $700 million in system gross sales by final 12 months and was as soon as one of many nation’s fastest-growing restaurant chains and in 2019, deliberate to function 1,000 areas throughout the US inside 5 years — by the present 12 months, in line with Restaurant Enterprise.
As a substitute, the chain — which named a brand new CEO in January, changing cofounder Scott Svenson — closed 26 underperforming areas in April and extra seem to have shut their doorways since then, the commerce publication reported.
The chapter submitting plan might change, nonetheless, as talks are fluid, the sources stated. Getty Photos
A consultant for Mod Pizza didn’t instantly reply when reached by electronic mail.
The take-out pizzeria is the newest restaurant chain to battle financially.
Mod Pizza has greater than 500 areas throughout 28 states. Mod Pizza
Purple Lobster filed for chapter in Could and the beloved Mexican chain Rubio’s filed a chapter petition final month.
Many extra chains have shuttered areas everywhere in the US as they attempt to keep afloat within the present financial system.