National Pizza Chain With Illinois Locations Considers Bankruptcy

Back in the day, radio station disc-jockeys on music-intensive stations would often shout "And the hits just keep on coming!"

Well, the hits that keep on coming in 2024 are stories about national restaurant franchises and locations filing for bankruptcy, thinking about filing for bankruptcy, looking for massive ways to cut costs and overhead, or shutting the doors forever on what they now call "underperforming locations."

We're only just over halfway through the year, but we've already seen this sort of thing play out with these places:

• Red Lobster
• Cracker Barrel
• Applebee's
• Boston Market
• TGI Fridays
• Denny's
• Outback Steakhouse
• Hooters

And now, there's some buzz that another place is considering a bankruptcy filing.

Illinois Still Has 22 Locations, But Back In March And April, Mod Pizza Abruptly Closed The Doors On 27 Locations Throughout The Country

According to a Bloomberg report published on Wednesday of last week, Mod Pizza is looking for a potential buyer and putting together the paperwork for a possible bankruptcy filing that could come as early as this week. The source for Bloomberg's story says that Mod Pizza may still reconsider that move and things may change before a final call is made.

Mod Pizza was founded in 2008 and quickly began growing, becoming one of the country's fastest-growing restaurant chains.

EatThis.com:

In 2019, the company announced that it had fundraised $160 million to fuel further growth and set an ambitious target to reach approximately 1,000 locations in the following five years. It had 433 restaurants in operation at the time.

Five years later, Mod Pizza's growth has not kept up with their goal of having 1,000 locations. Their website currently lists 512 locations across the country.

There were 553 locations in December of last year.