Fast-casual restaurant chain Mod Pizza has dodged a Chapter 11 bankruptcy filing after being acquired by Los Angeles-based Elite Restaurant Group last week.

The deal came after the company was reviewing strategic options including a sale of the business or bankruptcy filing as its cash was running low. Other pressures came from high interest rates and consumers cutting back spending.

Mod will join Elite Restaurant Group’s portfolio of brands, which includes Patxi’s Pizza, Daphne’s California Greek, and Slaters 50/50, following the acquisition.

Founded in 2008 and headquartered in Seattle, Mod is known for its build-your-own pizza concept.

The chain operates about 540 restaurants nationwide, with total sales up 5.7 per cent to nearly $700 million last year.