MOD Pizza Says It's Up for the Challenge of Higher Minimum Wages

MOD Pizza's CEO Scott Svenson said the pizza chain, which has roughly 70 restaurants around the country, is ready to take on the challenge of raising the minimum wage in some of the key markets that it operates in over the next two and half years to $15 an hour. Svenson said, 'Yes, It [the minimum wage hike] will squeeze us. We’re up for the challenge. We think that it’s a very good challenge to take on. I think there are a lot of other concepts and brands out there that are not as well positioned to take on that challenge and so while companies like us will have to end up taking a larger percentage of their sales going to labor, there will probably be fewer competitors long term because there will be a natural winnowing-out of operators who are not well-positioned to take this on.' Svenson says the pizza chain pays its workers above minimum wage in the markets where it operates. 'Building a business that is unapologetically for profit and one that is all about building a fantastic food experience...and our focus is making an impact in the lives of the people that work for us.' TheStreet's Ruben Ramirez Reports from New York.