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Struggling Savtira Corp. seeks Chapter 11 bankruptcy

Pressed by creditors, federal labor regulators and a recent spate of bad publicity, Tampa e-commerce business Savtira Corp. said it is filing for bankruptcy protection.

"We were forced to file Chapter 11," Savtira CEO Tim Roberts said in an e-mailed statement sent Sunday night. "This is actually a protection bubble around the company to ward off this hostile takeover attempt." Roberts told the Tampa Bay Times earlier that "greedy investors" were pushing the firm to fail in order to buy its assets on the cheap.

"We feel confident we will come out of this quickly and fully funded," Roberts stated.

The firm faces demands from the Department of Labor to pay back wages to its employees and multiple lawsuits from vendors seeking to be paid for staffing and other services.

The firm, based in Ybor City at 2101 E. Palm Ave. had made bold statements earlier promising fast growth and hundreds of jobs.

Contact Robert Trigaux at trigaux@tampabay.com.

Struggling Savtira Corp. seeks Chapter 11 bankruptcy 04/30/12 [Last modified: Monday, April 30, 2012 11:04am]
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