Another beloved restaurant chain has sought Chapter 11 bankruptcy protection as struggles with rising prices, elevated labor and ingredient expenses, and shifting dining preferences have intensified market competition.
The well-known Italian-American bistro brand Pinstripes submitted its Chapter 11 bankruptcy petition on Sept. 8, through the U.S. Bankruptcy Court for the District of Delaware.
The Illinois-headquartered establishment is an entertainment-centered dining venue recognized for its bowling alleys, bocce courts, and house-made cuisine. During its peak operations, the chain ran 18 restaurants spanning 10 states plus Washington D.C., though it was forced to shutter 10 sites following its bankruptcy filing.
The company had previously outlined ambitious expansion plans for additional outlets.
Court documents reveal that Pinstripes had amassed approximately $143 million in outstanding debt. The business obtained $3.8 million in emergency funding and is actively pursuing a purchaser for its surviving eight establishments.
This bankruptcy decision had been developing over twelve months and “reflect the Debtors’ only remaining path to maximize value,” according to the legal filing. Pinstripes also faced recent removal from the New York Stock Exchange.
The organization explained, “Unfortunately, economic deterioration over the past year resulted in decreased revenue and eroded the Debtors’ restructuring alternatives.”
For the fiscal year ending April 27, Pinstripes reported that nearly 80% of its revenue was generated from food and beverage sales, while around 20% came from games. The total annual revenue amounted to approximately $129 million, with each location contributing about $7.4 million.
“We are grateful for your continued trust and understanding, and remain committed to delivering the hospitality and experiences you’ve come to know and love,” the restaurant shared in a statement on Instagram.
DON’T MISS…
Which Pinstripes locations will stay open?
According to an Instagram post, customers can still visit Pinstripes at these locations:.
San Mateo, CANorthbrook, ILOak Brook, ILSouth Barrington, ILBethesda, MDCleveland, OHEdina, MNGeorgetown, DCWhat Pinstripes locations have closed?
James Katchadurian, Pinstripes Chief Restructuring Officer, informed USA Today about the following locations that have closed:
13500 Nall Ave. , Overland Park, Kansas435 E. Illinois St., Chicago, Illinois5001 Trailhead Bend Way, Fort Worth, Texas3300 Kirby Drive Unit 3A, Houston, Texas100 N. Water St. Suite 3300, Norwalk, Connecticut1 Garden State Plaza Boulevard, Paramus, New Jersey11643 Daryl Carter Parkway, Orlando, Florida19505 Biscayne Boulevard Floor 2, Miami, Florida1115 Broadway Plaza, Walnut Creek, California21851 Victory Boulevard Ste 1250, Woodland Hills, CaliforniaChallenges facing chain restaurants across the country
The “eatertainment” restaurant isn’t the only dining establishment that has sought Chapter 11 bankruptcy protection in recent years. Additional chains and neighborhood establishments have fallen victim to tariff pressures, shifts in consumer preferences, and ongoing challenges stemming from the pandemic.
The Texas-headquartered eatery Abuelo’s and South Florida’s Marian’s Bagels have likewise recently pursued bankruptcy proceedings. Various retailers including JCPenney, Claire’s, Forever 21, and At Home have similarly encountered financial difficulties resulting in location shutdowns or bankruptcy declarations.
Dining and Cooking