Citing the weak economy, high fuel prices and debt from expansion, Tampa's Sam Seltzer's Steakhouses of America Inc. filed for reorganization Friday under Chapter 11 bankruptcy. The company obtained a $1-million line of credit to support its operations while it restructures. The company said its "core group" of Sam Seltzer's Steakhouse restaurants will remain open. "We plan to emerge from Chapter 11 as soon as we can with a capital structure and a balance sheet that will allow us to grow," said CEO John Mountford. The chain's first steakhouse opened in Tampa in 1995.
Sam Seltzer's Steakhouses files for bankruptcy protection
© 2013 Tampa Bay Times