A major name in the ‘eatertainment’ space is preparing to file for bankruptcy.
Pinstripes — the upscale chain that combines bowling alleys, bocce courts and a full bistro menu — is readying paperwork to file for Chapter 11.
With fire pits and Adirondack chairs, it once positioned itself as a stylish alternative to Topgolf or Dave & Buster’s.
Pizzas range from $19 to $26 at certain locations, while prime rib sandwiches cost around $21.
Restaurant-goers can rent a bowling alley for $20 to $80, depending on the venue’s daily popularity.
The company operates 18 massive venues across the U.S., each spanning up to 38,000 square feet and capable of hosting up to 1,500 guests.
Pinstripes plans to stay open as the bankruptcy process moves through the courts, according to Bloomberg.
But the report marks the latest blow for a company that once touted ‘rapid growth’ across the US, according to its website.
Pinstripes, a bowling and bocce chain with a bistro menu, is reportedly considering filing for bankruptcy
During its February earnings call, the company posted an $8 million loss while seeing a 7.7 percent decrease in sales.
Then, in March, the company was delisted from the New York Stock Exchange after it failed to hit a $15 million market cap for 30 straight days.
It spent just over a year as a publicly traded company.
After the delisting, the company received $7.5 million in financing. But it traded away 85 percent of its shares in exchange.
Pinstripes didn’t immediately respond to DailyMail.com’s request for comment.
If the bankruptcy goes through, Pinstripes wouldn’t be alone.
Several household-name restaurants have announced bankruptcy filings, mass closures, and staff cuts in a difficult restaurant environment.
Red Lobster, Hooters, TGI Fridays, On The Border, Roti, and Bertucci’s — restaurants that once served America’s middle class — have each declared bankruptcy over the last year.
The company, which offers pizza dishes with an average price around $20, reported a massive loss in its recent earnings
The company had been ‘rapidly growing’ according to its website
Pinstripes, attempting to break into the ‘eatertainment’ niche by combining moderately priced meals with games, is facing significant financial struggles.
The restaurants are largely facing two major strains: increased costs and lower customer traffic.
Monthly inflation rates have cooled to just above the Federal Reserve’s target of 2 percent, after peaking at over 9 percent in 2022.
But baked-in food inflation has made running a restaurant significantly more expensive.
Meanwhile, even more stable chains such as Denny’s, Applebee’s, Outback Steakhouse, and Cracker Barrel have reported anticipated declines in sales by the beginning of 2025, primarily due to rising expenses.
Meanwhile, grocery prices have also forced cash-strapped Americans to forgo nights out for meals prepared at home.
The trend has helped some cost-cutting grocery brands, like Campbell’s soup, which reported over $66 million in profit, largely from its $2 to $7 cans.
‘Consumers are cooking at home at the highest levels since early 2020,’ Mick Beekhuizen, the iconic soup-maker’s CEO said during the company’s latest earnings.
