The “family dining mixed with entertainment” space has been a challenging one.
Dave & Buster’s, arguably the leader in the space, has struggled, seen sales drop, and has closed locations while cutting hours at others. The chain’s customers have complained about high prices, low food quality, and changes that the company has made.
That chain’s struggles are not unique. The kids-focused Chuck E. Cheese was forced into Chapter 11 bankruptcy in 2020 and survived.
Now Pinstripes, another concept that mixes food and entertainment, has been struggling to survive, as it too has filed for Chapter 11 bankruptcy.
Pinstripes Chapter 11 bankruptcy facts:
- Pinstripes Holdings, Inc. filed for Chapter 11 bankruptcy protection on September 8, 2025 in the U.S. Bankruptcy Court for the District of Delaware.
- At its peak, Pinstripes had 18 locations; at filing, only 8 remained open.
- Liabilities estimated between $100 million to $500 million.
- Total debt reported around $143.1 million in secured and other obligations.
- Owes approximately $47 million in unsecured claims, plus about $2.4 million in gift card liabilities.
Source: Bondoro
Image source: Pinstripes
Pinstripes has a Chapter 11 bankruptcy plan
While Dave & Buster’s and Chuck E. Cheese offer arcades, Pinstripes offers a different form of family entertainment.
“Pinstripes offers from-scratch Italian-American menu items, handcrafted cocktails and full bar, full-service bowling and bocce areas, and both private and semi-private event spaces; there is certainly something for everyone,” it shared on its website.
The company shut down 10 locations before its bankruptcy filing. It entered bankruptcy with a plan to sell itself to its lender, Silverview.
By late August 2025, Pinstripes and Silverview executed a Restructuring Support Agreement (RSA) outlining the terms of a prearranged Chapter 11 filing centered on an expedited asset sale. Key terms included:
- 363 Asset Sale: The Company agreed to pursue an expedited sale of substantially all of its assets under Section 363 of the Bankruptcy Code.
- Stalking Horse Bid: Silverview, through an acquisition vehicle, agreed to serve as the stalking horse bidder with a bid valued at approximately $16.6 million, consisting of a $15 million credit bid and $1.6 million in cash, plus the assumption of certain liabilities. The bid included no breakup fee.
- DIP Financing: Silverview committed to providing up to $3.8 million in debtor-in-possession (DIP) financing to fund the Chapter 11 cases, which included the roll-up of a $540,000 prepetition bridge loan.
The company asked for a sale hearing to be held in 45 days. Silverview is in position to acquire the business unless higher bids emerge.
“This proposed timeline ensures sufficient time to effectuate a value-maximizing transaction while avoiding the value destruction of a free-fall chapter 7,” Pinstripes Chief restructuring officer James Katchadurian said in a court filing.
These Pinstripes locations are still open
- Bethesda, Maryland
- Cleveland, Ohio
- Edina, Minnesota
- Washington, D.C.
- Northbrook, Illinois
- Oak Brook, Illinois
- San Mateo, California
- South Barrington, Illinois
Pinstripes may have other bidders
While the company intends to sell itself to Silverview, it will be an open bidding process.
“Filings also indicate that competing eatertainment brand Punch Bowl Social, Inc. may be involved in operating the purchased assets post-sale,” Bondoro reported.
The bankruptcy court has final say on the process. It’s likely that any approved bid would involve the continued operation of the eight remaining stores.
Before the bankruptcy filing, investment firm William Blair was bullish on Pinstripes.
“The company’s revenue streams are notably diversified, with 47% of its sales stemming from private events. Notably, nearly two-thirds of these events are corporate, which suggests a strong business-to-business component to Pinstripes’ operations. This is complemented by the high-margin games segment, which accounts for 21% of the company’s sales,” Investing.com reported.
Restaurant Dive reporter Julie Littman shared some of what forced the company to file for Chapter 11 bankruptcy protection.
“The company faced tight liquidity at a moment when it needed cash reserves to adapt to industrywide changes. Pinstripes offset some of its rising costs with menu price hikes and more effective purchasing practices, but reduced consumer traffic contributed to significant strain on the company’s finances,” she wrote.
Related: Popular hotel chain files Chapter 11 bankruptcy, guests stranded
#Family #fun #dining #chain #shares #Chapter #bankruptcy #plan