Pinstripes Holdings files for Chapter 11

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Pinstripes Holdings Inc., the eatertainment concept, has filed for Chapter 11 bankruptcy protection and closed locations less than two years after going public.

The Northbrook, Ill.-based company, which features bowling, bocce, and bistro menu offerings, began trading publicly through a special purpose acquisition company (SPAC) deal with Banyan Acquisition Corp. in early January 2024.

Pinstripes filed Monday for Chapter 11 bankruptcy protection in the District of Delaware court. The filing indicated Pinstripes’ liabilities were $100 million to $500 million.

Pinstripes opened last year the New York Stock Exchange under the ticker symbol PNST. Shares opened at $10.90.

However, the company faced delisting in March this year after announcing it would slow new unit openings.

On Monday, athe company closed locations in Chicago,Fort Worth, Texas,Overland Park, Kan., and Paramus, N.J. It had earlier closed a location in Walnut Creek, Calif.

On Tuesday, the Pinstripes website listed eight locations remaining open in: Bethesda, Md.; Cleveland, Ohio; Edina, Minn.; Georgetown; Northbrook, Ill., Oak Brook, Ill.; San Mateo, Calif.; and South Barrington, Ill.

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