(NEXSTAR) – A pizza chain with over 500 locations in the United States and over a lots in the Bay Area is working with “a turnaround plan” amid several records that the firm is thinking about applying for bankruptcy, a rep for the chain informed Nexstar.

Bloomberg reported recently that MOD Pizza, which runs dining establishments in 28 states, might apply for bankruptcy defense in the coming days, mentioning a resource asserting to be acquainted with the firm’s strategies. The Wall Street Journal soon later claimed experts had actually educated the electrical outlet of the certain lawful and economic companies worked with to talk about the chain’s choices.

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In an emailed declaration shared with Nexstar on Monday, a representative for MOD Pizza claimed it would certainly be “inappropriate to speculate about an outcome” when inquired about a bankruptcy declaring however validated that execs are wanting to “improve” the chain’s economic circumstance.

“We have a brand guests love, a passionate team, and a solid turnaround plan underway that is making progress,” a representative claimed in an emailed declaration. “We’re working diligently to improve our capital structure and are exploring all options to do so.”

Additional information will certainly be provided in the coming days, the agent included.

A MOD Pizza place in Mount Prospect, Illinois, is visualized on July 15, 2019. The firm introduced in 2024 that execs are “exploring all options” to enhance its economic strategies amid records of a feasible bankruptcy declaring. (Christopher Dilts/Bloomberg through Getty Images

MOD Pizza, established in Seattle in 2008, has actually currently shut 44 company-owned dining establishments this year, the firm validated. Most had actually shown “sustained underperformance despite best efforts of the restaurant teams,” MOD Pizza’s agent claimed.

“A few were closed due to unfavorable lease and site decisions made during a period of rapid expansion prior to the pandemic,” he included.

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Several years back, nevertheless, MOD Pizza was claimed to be among the fastest-growing dining establishment chains in the nation, after opening up an overall of 110 of its then-200-plus locations in 2017 alone, Business Insider reported. By May 2021, there were 500 MOD Pizza locations in the U.S., a landmark the firm commemorated with complimentary specific pizzas for each and every place’s very first 50 clients.

“Today the MOD Squad is 10,000+ strong and growing, and we’ve never been more excited about what lies ahead for MOD!” Scott and Ally Svenson, founders of MOD Pizza, claimed at the time.

MOD Pizza presently has 512 locations throughout 28 states, with one of the most in Texas (113), Washington (72), California (46), Arizona (32) and Oregon (32). Bay Area locations consist of Alameda, Brentwood, Castro Valley, Concord, Daly City, Foster City, Morgan Hill, Napa, Pinole, San Jose, Santa Clara, Santa Rosa, Vallejo and Walnut Creek.

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