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Old 12-10-2008, 07:31 AM
 
26,798 posts, read 41,511,171 times
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Caetano Seeks Bankruptcy Court Protection For Business.

TAMPA - When the economy gets tough, people are less likely to get their hair styled.

That's something Tampa City Councilman Joseph Caetano knows all too well.

Two weeks ago, he filed for bankruptcy court protection for his Tampa Palms Bostonian Hair Studio & Day Spa, a move he hopes will allow him to keep the popular business from going under.

Caetano declined to discuss the filing, citing pending litigation.

"It's a restructuring," he said Monday. "We're trying to downsize the salon operation."

Documents filed in U.S. Bankruptcy Court in Tampa show his business has outstanding liabilities between $100,000 and $500,000 with reported assets of less than $50,000.

Several creditors are seeking about $180,000 from Caetano's business, including more than $53,000 in rent to the owner of the shopping plaza where his salon is located.

Caetano, a first-term councilman, said his business has been struggling for a while.

In the past year, he has sold his salon on Bruce B. Downs Boulevard and a coffee shop, Java Joe's, in City Plaza at Tampa Palms, where he opened the first salon in 1988.

Caetano Seeks Bankruptcy Court Protection For Business

How much good can a guy like this do for the community if he isn't even paying his own rent.....
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