Topgolf competitor nearing bankruptcy after ambitious growth plans
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.
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 — all restaurants that catered to middle-income Americans, have all filed for bankruptcy in the past year.
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.
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