As Statesman business writer Gary Dinges reported last week, Z’Tejas Inc. filed for Chapter 11 bankruptcy on July 22. The company operates Z’Tejas Southwestern Grill locations in Arizona and Texas, as well as the restaurant Taco Guild in Phoenix. Z’Tejas Inc. president and CEO Steve Micheletti today addressed lingering questions surrounding the bankruptcy.
“I would like to personally reassure our valued guests that Z’Tejas and Taco Guild will continue to provide great food and service. It will be business as usual throughout the bankruptcy proceedings – our guests will continue to receive the same quality food, beverages and excellent service they’re accustomed to, and your gift cards will be honored.
Z’Tejas filed for bankruptcy to restructure its long-term debt and other financial obligations. It was an extremely difficult decision, but it was the best way to preserve our brand so that we can continue to serve great food and beverages. A successful restructuring also will allow us to preserve the jobs of our team members, maintain our vendor relationships and maximize value for our stakeholders.
The Z’Tejas and Taco Guild brands are not going anywhere, and they will be in a better financial position after a successful restructuring. We are excited for the future and have confidence that new ownership will continue to satisfy our guests, whose support we greatly appreciate now and over the last 25 years.”
Despite the reference of “new ownership,” Z’Tejas, Inc. has not been sold as yet.