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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.

Mounting Debt and Unmet Expectations

Court filings show Pinstripes holds $143.1 million in funded debt, of which $115 million is owed to Silverview. On top of that, the company carries $47 million in trade debt, leases, and other unsecured liabilities, plus $2.4 million in outstanding gift cards.

Katchadurian explained that inflation-driven price hikes drove customers away, while newly opened stores failed to generate revenue, leaving the company unable to service its debts. After failed recapitalization attempts earlier this year, Pinstripes negotiated a restructuring pact with Silverview.

Stalking Horse Bid and Store Closures

Under the restructuring agreement, Silverview’s stalking horse offer includes a $15 million credit bid and $1.6 million in cash, alongside the debtor-in-possession financing.

Pinstripes confirmed it will close certain locations but assured customers that gift cards and event deposits will still be honored at continuing venues.

“We are confident this step will allow us to emerge stronger and better positioned to serve guests and stakeholders in the future,” the company said in a Tuesday statement.

Legal and Advisory Team

Pinstripes has retained CR3 as restructuring adviser and Hilco Corporate Finance as investment banker. Legal representation is being handled by Michael R. Nestor, Sean M. Beach, Elizabeth S. Justison, Shella Borovinskaya, and Mariam Khoudari of Young Conaway Stargatt & Taylor LLP.