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Pinstripes Holdings, Inc. (NYSE:PNST), a company in the dining and entertainment sector with annual revenues of $123.58 million, announced the appointment of Caitlin Schaefer as its new interim Chief Financial Officer, effective March 1, 2025. According to InvestingPro data, the company currently trades at $0.24 per share with a market capitalization of $8.21 million, having experienced a significant decline of 49.34% year-to-date. Schaefer, who has been with the company since September 2023, will step into the role following the resignation of Anthony Querciagrossa, who informed the Board of his departure on February 17, 2025, with his term ending today.
Schaefer brings a wealth of experience to her new position, having previously served as Pinstripes Holdings’ Corporate Controller since January 2024. In this role, she managed the company’s financial reporting and accounting functions. She joins at a crucial time, as InvestingPro analysis reveals the company operates with a significant debt burden of $192.37 million and a concerning current ratio of 0.13, indicating potential liquidity challenges. Subscribers to InvestingPro can access 15 additional key insights about PNST’s financial position and market performance. Her career prior to joining Pinstripes Holdings includes a tenure as Director of Accounting and External Reporting at Mondelez (NASDAQ:MDLZ) International, Inc., and over a decade at Ernst & Young LLP, where she held various roles, including Assurance Senior Manager.
As part of her compensation package, Schaefer will receive an annual base salary of $275,000 starting from the effective date of her appointment. Additionally, she is set to receive a one-time cash bonus of $50,000 on March 14, 2025, and another one-time bonus tied to the closing of a strategic transaction the company is currently pursuing, her termination (except for cause), or by July 1, 2025, whichever comes first. Schaefer will also be eligible for an annual incentive with a target opportunity of 35% of her base salary, guaranteed at a minimum of $30,000.
The company has also entered into an indemnity agreement with Schaefer, which is consistent with the agreements provided to other officers and directors of Pinstripes Holdings, as per the company’s Annual Report on Form 10-K for the fiscal year ended April 28, 2024.
There are no reported family relationships between Schaefer and any other executive officers or directors of the company, nor are there any related party transactions involving Schaefer that would require disclosure under SEC regulations.
This leadership transition comes at a time when Pinstripes Holdings is actively pursuing strategic initiatives to enhance its market position, amid challenging financial circumstances. InvestingPro’s comprehensive analysis indicates an overall WEAK financial health score, with the company currently facing cash flow challenges. The information regarding this executive change is based on a recent SEC filing by the company. For detailed insights into PNST’s financial health and strategic positioning, investors can access the full Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Pinstripes Holdings Inc. reported its Q1 2025 earnings, revealing a larger-than-expected loss with an EPS of -$0.19, missing the forecasted -$0.10. The company’s revenue also fell short at $35.5 million against an expected $36.76 million. Despite these misses, the company saw a 10.4% increase in total revenue, supported by a rise in food and beverage and recreation revenues. Pinstripes Holdings is also focusing on expanding its presence with a new location opening in Walnut Creek, California, bringing its total to 18 locations nationwide. The company achieved $10 million in annualized cost savings at the store level and is exploring strategic alternatives to improve liquidity, including a $6 million loan from Oaktree. Additionally, the company plans to open new locations in Coral Gables in Q4 and Jacksonville in 2025. Analysts have noted continued challenges with negative EPS forecasts and high total debt of $114 million. Pinstripes Holdings’ CEO, Dale Schwartz, emphasized the company’s efforts in improving its cost structure and profitability.
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