Pinstripes closes 10 stores amid bankruptcy filing
/One of the most sought after tenants in the era where entertainment is vital to retail projects, Pinstripes Holdings, Inc. abruptly closed 10 of its 18 locations around the country this week.
The popular bowling-dining-entertainment chain filed for Chapter 11 bankruptcy in Delaware reporting about $162.9 million in assets and a little over $258.6 million in debt. The bankruptcy court is looking to sell the remaining locations as well as those closed, which could reopen under new ownership.
Locations shuttered include Walnut Creek, Calif. at Broadway Plaza, Chicago at River East / Streeterville, Orlando at the Vineland Pointe Plaza, Overland Park, Kan. at Prairiefire, Fort Worth in the Trailhead / Clearfork area, Houston, Texas at Kirby, Norwalk, Conn. at The SoNo Collection, and Paramus, N.J. at Westfield Garden State Plaza.
Locations still open are Pike & Rose in Bethesda, Md.; Georgetown in Washington, D.C.; San Mateo, Calif.; Cleveland, Ohio; Edina, Minn.; and in the Chicago area in Northbrook, Oak Brook, and South Barrington.
Pinstripes locations range between 26,000 and 38,000 square feet of interior space. The concept offers bowling alleys, indoor and outdoor dining, bocce courts, firepits and party venues. Each location can hold 900 guests, including 300 diners, according to court filings.
Pinstripes went public less than two years ago through Banyan Acquisition Corp, a special purpose acquisition company that spun off Pinstripes as a wholly owned subsidiary hoping to open as many as 150 units. Each location averages about $7.4 million in annual revenue, but its annual revenue has not been able to meet its debt service.