Smith & Son Hospitality recently filed for Chapter 11 bankruptcy with $1.3 million in debt, citing inability to repay SBA and other loans, the Tampa Bay Business Journal reported.
“We recently filed for Chapter 11 bankruptcy protection, a legal process that allows businesses to reorganize their financial obligations while continuing normal operations. This process provides the opportunity to strengthen our financial foundation while continuing to serve the community we’ve proudly called home for many years,” the owners wrote in the post. “Our commitment to our guests, employees, vendors, and the St. Petersburg community has not changed.”