Pinstripes, an “eatertainment” chain that offers food, bowling and bocce, filed for bankruptcy this week as its ownership will be up for auction, according to court documents obtained by Restaurant Business Online.
The company, which is based in Northbrook, Illinois, is reported to already have a “stalking horse” bid worth $16.6 million from one of its lenders, which would be in the form of converted debt, according to the bankruptcy filing.
“To be blunt, the process proposed to be consummated through these Chapter 11 cases is not perfect, and it is not where the debtors wished they were right now,” the company said in the court documents.
Pinstripes was aware of the possibility of bankruptcy for months, having been delisted from the New York Stock Exchange over a low market capitalization in March, just one year after going public. The company had also received a $7.5 million loan to fund operations at the time and was warned about staff cutbacks in the following months.
Pinstripes was founded in 2007 and offers bowling, bocce and bistro, having once opened 18 total locations, which has since been cut down to eight in recent days. The “eatertainment” restaurants average 26,000 to 38,000 square feet, though an estimated 80% of revenue is made off of food and beverages.
Pinstripes is reported to have $143 million in secured debt from various lenders, with its bankruptcy filing having been “over a year in the making,” according to court documents.
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