Pinstripes Holdings, Inc. (PNST)

Pinstripes Holdings, Inc. operated an upscale eatertainment chain based in Northbrook, Illinois that combined Italian-American dining with bowling, bocce courts and event space. The first location opened in Northbrook in 2007, and the company grew to more than a dozen venues in suburban shopping centers across the Midwest, East Coast and California, with private events providing much of its revenue.

Pinstripes became a public company through a merger with Banyan Acquisition Corp., a special purpose acquisition company, that closed around the end of 2023, and its Class A shares began trading on the NYSE under the ticker PNST in early 2024. The stock fell steadily after the listing as the company carried high debt and struggled with weaker sales.

By early 2025 the company was losing money, same-store sales were down, and it had only a few million dollars of cash against about $114 million of debt. On March 5, 2025 the NYSE suspended trading for insufficient market capitalization, and Pinstripes chose not to appeal. It signed a letter of intent for a recapitalization in which Oaktree Capital would take a large stake.

That plan did not resolve the company's problems. Pinstripes filed for Chapter 11 in the US Bankruptcy Court in Delaware on September 8, 2025, with about $143 million of obligations and eight remaining restaurants. Its largest secured lender, Silverview Credit Partners, offered to buy the business through a court-supervised sale. The bankruptcy case was intended to keep the remaining venues open and preserve about 900 jobs. Former shareholders were not expected to receive any recovery.