Pinstripes Holdings Inc., known for combining dining with bowling, bocce, and event spaces, has formally filed for Chapter 11 bankruptcy protection in Delaware after closing more than half its locations. The chain, which once operated 18 sites, is now down to eight open units.
According to court filings, Pinstripes cited prolonged economic deterioration—driven by inflation, rising costs of labor and food, and shrinking consumer spending—as key factors behind its liquidity crisis. The chain attempted cost mitigation through menu price increases and tighter purchasing controls, but declining traffic exacerbated losses.
It wasn’t just falling revenues. Expansion costs from new leases and operations in locations that failed to generate anticipated returns added to Pinstripes’ financial burden. Chief Restructuring Officer James Katchadurian noted that many of the closed locations were among those underperforming or misaligned with what the company now considers its viable portfolio going forward.
- Location count has dropped from 18 to eight operating restaurants at the time of filing. Ten units have shut permanently.
- Annual revenue for fiscal year ending April 27, 2025, was about US$129 million, with average revenue per remaining unit approximated at US$7.4 million.
- The chain is working with Silverview Credit Partners, its largest secured creditor. Silverview has submitted a stalking horse bid (around US$15 million) for some of Pinstripes’ assets.
Pinstripes’ trajectory from ambitious expansion to Chapter 11 highlights the thin line between growth and overextension in hospitality. In a shifting consumption landscape, the brands that survive and thrive will be those that manage costs rigorously, adapt footprint intelligently, and keep a tight alignment between operational scale and sustainable revenue sources.
