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The basics:

• Pinstripes files for Chapter 11 bankruptcy in Delaware court
• $143M in debt, with $3.8M debtor-in-possession loan from Silverview
• Paramus Westfield Garden State Plaza location closed
• Eight Pinstripes venues remain open

After voluntarily filing for Chapter 11 bankruptcy protection, bowling-bocce-bistro concept Pinstripes abruptly closed its only New Jersey location.

In a petition filed Sept. 8 in Delaware bankruptcy court, the Illinois-based “eatertainment” chain said it seeks to sell assets after a nearly year-long effort to restructure $143.1 million in debt came up short.

As part of a restructuring agreement, Pinstripes’ largest lender, Silverview Credit Partners, will provide a $3.8 million debtor-in-possession loan. Silverview is also the stalking horse bidder for the assets in an upcoming auction with a $15 million credit bid and $1.6 million in cash.

Pasta and pins

Founded in 2007 in Northbrook, Ill., Pinstripes grew into an event-friendly destination that combined upscale Italian cuisine with recreational bocce and bowling. At its peak, it boasted 18 locations nationwide. The 31,221-square-foot Paramus site opened in February 2024 at Westfield Garden State Plaza.

It launched a few weeks after Pinstripes went public via a merger last year with a special purpose acquisition company. Through that deal, it raised $70 million in gross proceeds to support expansion plans.

But as Pinstripes was growing its footprint and taking on more debt, same-store business was declining amid inflation pressures, according to the company.

“The company has suffered from a series of challenges, including inflationary pressure across various sectors that have drastically and negatively affected their performance. In particular, increases in the cost of labor and commodities in recent years have raised the cost of ‘dining out,’” the bankruptcy filing said.

NYSE delisting

In March, Pinstripes was delisted from the New York Stock Exchange for not maintaining a minimum $15 million market cap for over 30 days. Shortly after, Oaktree Capital tried to rescue Pinstripes with a $7.5 million loan. The firm also took an 85% equity stake in the business.

Out of Pinstripes’ 18 locations, 10 closed just prior to this week’s Chapter 11 filing, Nation’s Restaurant News reported.

According to bankruptcy filings, the brand intends to keep the eight remaining venues operational throughout the Chapter 11 process as it negotiates financing and potential sale options.

There are many challenges ahead, but this restructuring will give us the opportunity to reemerge for our valued stakeholders.
– Chris Soukup, COO, Pinstripes

In addition to the $143 million in secured debt, Pinstripes owes $47 million in unsecured debt to vendors, suppliers, landlords and taxing authorities, among others, according to the bankruptcy filing.

About $2.4 million of the unsecured debt is in the form of accrued gift card liability held by Pinstripes customers, the company said.

What’s open?

According to Pinstripes, gift cards or even deposits will be honored at continuing locations. On its website, Pinstripes lists the following sites:

• Bethesda, Md.
• Cleveland, Ohio
• Edina, Minn.
• Georgetown
• Northbrook, Ill.
• Oak Brook, Ill.
• San Mateo, Calif.
• South Barrington, Ill.

In a statement, Pinstripes Chief Operations Officer Chris Soukup said, “This filing will position Pinstripes for long-term stability. There are many challenges ahead, but this restructuring will give us the opportunity to reemerge for our valued stakeholders.”

“Our actions demonstrate our commitment to Pinstripes’ future and to our employees as we strive to preserve our mission to be a destination for both food and family fun. Our guests can also be assured that we have always been, and will continue to be, committed to be their home away from home where people feel like they are celebrating life while eating the best food, playing the best games, and doing it all with the best people,” Soukup said.

A representative from Pinstripes echoed the company’s previous statements, adding, “During this [bankruptcy] process, which we intend to move through as quickly as possible, the Company will continue to operate as usual, serving our customers, working with our partners and supporting our team members.”

The spokesperson did not share further details regarding the Paramus closure.

Editor’s note: This story was updated at 11:50 a.m. EST Sept. 10, 2025, to include a statement from a Pinstripes representative.