Popular Midwest 'Eatertainment' Chain Files For Bankruptcy
The popular Midwestern dining and entertainment chain Pinstripes has filed for bankruptcy. The Illinois-based company, known for its combination of bowling, bocce, and Italian American food, will continue to operate under Chapter 11 after battling with rising costs and inflation, according to The Wall Street Journal.
The writing had been on the wall, or the alley, for a while. Pinstripes went public and began trading on the New York Stock Exchange in January 2024, but it was delisted just over one year later due to low capitalization. In March 2025, the company announced that it had entered a loan agreement to "strengthen" its balance sheet after a "challenging year", as founder and CEO Dale Schwartz put it in a press release at the time. Pinstripes' Chief Financial Officer Tony Querciagrossa also stepped down earlier this year.
The company did report a revenue increase of 10.4% in its most recent quarterly financial report, but in a press release, Schwartz said the board was "not satisfied" with the top-line results. Pinstripes reportedly closed a number of locations this week, including in California, Chicago, and Kansas City.
Pinstripes will continue to operate as normal
Silvercrew Credit Partners has made a $16.6 million bid on Pinstripes' assets, most of it by turning the company's debt into ownership, according to documents obtained by Restaurant Business. The outlet reports that the company has an overall debt of $143 million. In a statement shared with CBS News, the company said that it will continue to operate as usual as it goes through the Chapter 11 process.
Founded in 2007, Pinstripes markets itself as a "home away from home" for families looking for entertainment. Its complexes feature games, private event spaces, and made-from-scratch food. The menu is mostly Italian American-inspired with things like fresh-baked margherita pizza, spaghetti and meatballs, and shareable appetizers.
The food is usually pretty solid, according to Yelp reviews, and people tend to enjoy the overall experience at a Pinstripes location. The business model in recent years may not have been a strike, but it seems like the company is trying to restack the pins as best it can for now.