It hasn’t been easy for restaurants that tote the concept of “family dining mixed with entertainment.”
Just ask popular chain Dave & Busters, which is now dealing with a drop in sales and closing locations while cutting hours at other sites. This is while customers have complained about high prices, low food quality, and changes that the company has made.
Also forced into bankruptcy was Chuck-E-Cheese back in 2020, though it survived.
Now, Pinstripes — another restaurant that mixes fun and entertainment — has found itself struggling to survive, as the chain has also filed for Chapter 11 bankruptcy.
If you’ve never heard of Pinstripes, it’s worth noting that while Dave & Busters 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.
Pinstripes shut down 10 locations before filing for 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 focused on an expedited asset sale.
With this in place, the key terms included:
A 363 Asset Sale, where the company agreed to pursue an expedited sale of substantially of all its assets under Section 363 of the Bankruptcy Code.
A Stalking Horse Bid, where 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, and the assumption of certain liabilities. The bid included no breakup fee.
A DIP Financing, where 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.
Pinstripes asked for a sale hearing to be held in 45 days. Silverview is in a 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, per TheStreet.
Even though the company is going through the Chapter 11 bankruptcy trajectory, seven Pinstripes locations remain open:
Bethesda, Maryland
Cleveland
Edina, Minnesota
Washington, D.C.
Northbrook, Illinois
Oak Brook, Illinois
San Mateo, California
South Barrington, Illinois
Meanwhile, Pinstripes might have other bidders because while the company plans 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.
But the bankruptcy court has the final say on the process, as there’s a possibility that any approved bid would involve the continued operation of the eight remaining stores.
Restaurant Dive reporter Julie Littman revealed some of what forced Pinstripes 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.