A fast-casual chain known for its customizable pizzas in Newtown Township is reportedly exploring a potential bankruptcy filing as it seeks a buyer.
Seattle-based MOD Pizza has engaged legal and financial advisers to assist with the sale process or to prepare for bankruptcy, Bloomberg News reported.
A MOD Pizza representative confirmed the company’s efforts to stabilize its financial footing, according to Nation’s Restaurant News.
“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,” the company said in a statement to the trade publication.
MOD Pizza’s location in the Village of Newtown shopping center, which opened its doors in 2020, is part of the chain’s more than 550 locations across the United States.
The uncertainty around MOD Pizza’s future comes amidst broader financial challenges facing chain eateries and big-box retailers as they navigate shifts in the market.
Founded in 2008 during a surge of build-your-own pizza chains, MOD Pizza expanded rapidly nationwide.
The company has faced significant challenges recently and closed 27 locations in spring.
Earlier this year, the company appointed a new CEO after co-founder Scott Svenson left after 15 years.
