Pinstripes Bowling Bistro Warns It May Close All Locations Amid Bankruptcy
Pinstripes was supposed to be the future of going out. With bowling lanes, bocce courts, bistro-style food, and fire pits, the upscale chain tried to turn dinner and drinks into an experience. But now, that experience may be coming to an end.
The company is preparing to file for Chapter 11 bankruptcy and has warned that all 18 of its sprawling venues could close.
Known for hosting everything from date nights to office parties, each Pinstripes location could pack in up to 1,500 guests. Now, those massive spaces are in limbo.
Once pitched as a stylish rival to Topgolf and Dave & Buster’s, Pinstripes boasted "rapid growth" across the country. But behind the scenes, it was bleeding money.
The chain reported an $8 million loss in February and saw sales drop nearly 8 percent. Just one year after going public, it was kicked off the New York Stock Exchange.
The company did secure $7.5 million in financing to stay afloat but had to give up most of its ownership to get it.
According to Bloomberg, Pinstripes plans to keep operating during the bankruptcy process. But for fans of late-night bocce and wood-fired pizza, it's not looking great.
Pinstripes joins a growing list of once-popular chains on the ropes. Red Lobster, Hooters, and TGI Fridays have all filed for bankruptcy in the past year. And even longtime standbys like Cracker Barrel and Applebee's are reporting shrinking profits as more people eat at home.
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The economy's slow cooldown hasn't helped. Food costs are still high. Budgets are tight. And that $21 prime rib sandwich might be the first thing to go when folks are watching their wallets.
If the bankruptcy moves forward, Pinstripes could be the next domino to fall. And for anyone who ever spent a birthday in rented bowling shoes with a cocktail in hand, that's a tough loss.