Pinstripes, the Illinois-based chain known for mixing Italian dining with bowling and bocce, has filed for Chapter 11 protection in Delaware bankruptcy court, weighed down by more than $143 million in debt and a shrinking footprint of stores.
The company, once branded as a leader in the “eatertainment” niche, revealed plans for a going concern sale after years of financial strain.
Silverview Steps In
In court filings late Monday, Pinstripes disclosed that Silverview, its largest secured creditor, will back the bankruptcy and act as stalking horse bidder. The firm pledged $3.8 million in Chapter 11 financing and set an opening bid of $16.6 million for the company’s assets.
“Unfortunately, economic deterioration over the past year resulted in decreased revenue and eroded the debtors’ restructuring alternatives,” said Chief Restructuring Officer James Katchadurian in court papers.
From Expansion Dreams to Shuttered Doors
Founded in 2007 in Northbrook, Illinois, Pinstripes grew into an event-friendly chain that combined upscale Italian cuisine with recreational bowling and bocce. At its peak, it boasted 18 locations across 10 states and Washington, D.C. But by the time of its filing, the company had shrunk to just eight venues, according to bankruptcy documents.
Pinstripes went public in December 2023 through a merger with Banyan Acquisition Corp., a deal that briefly fueled optimism before inflation, rising costs, and unprofitable expansions pushed the company into crisis.
