Pinstripes, a popular “eatertainment” venue that offers bowling, bocce and a full service restaurant and bar, has filed for Chapter 11 bankruptcy and closed at least one of its Illinois locations.
“Pinstripes Holdings, Inc. has taken an important step to secure our future by voluntarily filing for Chapter 11 bankruptcy protection and closing some locations, with the support of our lenders,” a statement posted by the company Tuesday said. “We will keep operating as usual – welcoming guests, hosting events, and supporting our remaining team members.”
The petition, filed Sept. 8, comes after reports that a Pinstripes location in Chicago abruptly closed. The company confirmed to NBC Chicago that its Streeterville location had shuttered, with its locations in South Barrington, Northbrook and Oak Brook expected to remain open while it seeks a buyer.
“We have a committed buyer for our continuing locations, and we will continue to market our assets as a going concern to maximize value,” the statement said. “This decision was made to strengthen our financial foundation by reducing liabilities — including closing certain locations — to ensure business continuity and to position the company for long-term success and growth.”
The company went on to say that gift cards and event deposits will remain valid at open locations.
“This process will allow us to emerge stronger and continuously focused on providing exceptional experiences for our guests and partners,” Pinstripes said.
According to court documents, the Illinois-based company listed $143 million in outstanding debt. Other Pinstripes locations that remain open include Bethesda, Maryland; Cleveland, Ohio; Edina, Minnesota, Georgetown, Washington D.C. and San Mateo, California.
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