Pinstripes, the Italian-American restaurant (plus bowling and bocce chain), has filed for chapter 11 bankruptcy. The company has also closed 10 locations nationwide, including two in Texas.
On Monday, Pinstripes made the move to file for bankruptcy in Delaware, citing debts exceeding $143 million. According to legal documents, the chain stated that the decision was almost a year in the making and attributed “economic deterioration” as a major factor. Specifically, it laid out the events leading to its Chapter 11 filing:
- Inflationary pressures: Increases in the costs of labor and goods have led to increases in the cost of “dining out,” Pinstripes said. Consumers consequently became “cost-conscious” and sought out cheaper alternatives.
- The chain continued expanding and “incurred costs” for new stores that weren’t generating revenue and, ultimately, never did.
Pinstripes once boasted 18 locations nationwide, but is now down to eight, per the bankruptcy filing. The company filed a “lease-rejection motion” to terminate its liability for unexpired leases. That includes its Houston location at 3300 Kirby Dr. and its Fort Worth location at 5001 Trailhead Bend Way.
The first Pinstripes made its debut in 2007 in Illinois. The chain opened its first Texas location in Fort Worth at the Shops at Clearfork in 2018. A year later, the chain opened a second location at Houston’s Kirby Collection, a mixed-use retail and residential development. We reported in October 2019 that the two-story space in the Kirby Collection encompassed more than 30,000 square feet and could accommodate 20 to 1,000 people…