Pinstripes goes bankrupt

Core Insights - Pinstripes is facing significant financial challenges due to inflationary pressures, leading to a shift in consumer behavior towards cheaper alternatives [3][4] - The company has experienced tight liquidity and reduced consumer traffic, which has strained its finances despite efforts to offset rising costs through price hikes and improved purchasing practices [4] - Pinstripes has filed for Chapter 11 bankruptcy protection, marking a critical step in its restructuring efforts amid declining revenues and economic deterioration [7] Financial Performance - Approximately 80% of Pinstripes' revenue is derived from food and beverage sales, with total annual revenue reported at about $129 million for the fiscal year ending April 27, 2025 [5] - Each location generates an average of $7.4 million in annual revenue, with store footprints ranging from 26,000 to 38,000 square feet [5] Business Expansion and Strategy - Pinstripes went public at the end of 2023 through Banyan Acquisition Corp, with plans to expand to 23 venues by the end of 2024 and a long-term goal of 150 units [6] - The company had grown to 18 units but only operated eight at the time of its bankruptcy filing, indicating a significant contraction in its business operations [7]