Elite Restaurant Group acquired 100% of the equity of MOD Pizza under a merger agreement between the company and an affiliate of Elite, the popular pizza chain said in a news release Wednesday.

MOD Pizza – the fast-casual chain where diners can customize individual pizza pies – announced a new owner Wednesday in a move that could prevent or delay a bankruptcy filing.

After teetering on the edge of bankruptcy, fast-casual restaurant chain Mod Pizza was acquired this week by Los Angeles-based Elite Restaurant Group, the company said. Prior to the announcement of ...