Pinstripes Files Chapter 11, Closes 10 Locations Amid $143M Debt

Pinstripes, a Northbrook-based eatertainment chain combining bowling, bocce, and Italian dining, has filed for Chapter 11 bankruptcy protection due to mounting debt and economic challenges. Once operating 18 locations across multiple states, the company has shrunk to eight venues and will close 10 locations immediately while seeking a buyer for its remaining assets through a bankruptcy auction. The company carries over $143 million in secured debt, with Silverview, its largest secured creditor, supporting the bankruptcy and acting as stalking horse bidder with a $16.6 million opening bid. Founded in 2007 and having gone public in late 2023 via a SPAC merger, Pinstripes struggled with inflation-driven cost increases, reduced consumer spending, and unprofitable expansions that eroded revenue and restructuring options. The bankruptcy filing follows failed recapitalization talks and attempts to restructure debt, with the company emphasizing the decision aims to strengthen its financial foundation and position for long-term growth. Despite the setbacks, three Chicago-area locations will remain open as the company continues to market itself as a going concern.