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Business Observer Monday, Mar. 4, 2019 4 months ago

Health care firm shutters suddenly, lays off all 500 employees

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Tampa-based Laser Spine Institute ceased operations after it was unable to enter the bankruptcy process.

TAMPA — Laser Spine Institute announced March 1 that it has gone out of business, effective immediately, after an attempt to enter Chapter 11 bankruptcy proceedings failed.

According to a press release, the Tampa-based spinal surgery firm made significant cost-saving moves over the past six months, including the closure of three surgical centers, but was unable to achieve a financially sustainable path forward. 

Laser Spine Institute also operates in Ohio, Arizona and Missouri. The company has reached out to surgical providers and patients in all four of its markets, the release states, to help meet demand for the type of minimally invasive procedures it offers.

As a result of the firm’s closure, more than 500 workers nationwide lost their jobs.

"My heart goes out to our great, dedicated staff who have stuck with us through all of our adversity and worked so tirelessly to help us right the ship," states Laser Spine Institute CEO Jake Brace, who was hired late last year to help restructure the company, in the release. "We celebrate their efforts to keep the company going, as well as their great track record of providing nearly 100,000 surgical procedures, thereby helping patients afflicted with chronic neck and back problems quickly and effectively regain their prior lives.”

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