Lexington, Ky.-based ad and PR firm Meridian-Chiles has gone into bankruptcy, shuttering after a 26-year run.
The agency filed for Chapter 7 in US Bankruptcy Court for the Eastern District of Kentucky on May 21 listing assets of $676K against liabilities topping $5.1M.
Clients have included Ball Homes, Toyota Motor Manufacturing, and Equestrian Events.
Lawrence Chiles, who bought out partner Jim Jordan in 2006, signed the filing, which came after an emergency meeting of the firm's six-member board on May 15. Chiles owned 100% of the business, according to the filing.
The firm listed gross profit of $1.2M in 2012, $1M in 2013 and $264K through April 2014.
Meridian Communications merged with Jordan-Chiles Advertising in 2008 to create one of the top five advertising firms in Kentucky, according to the Lexington Herald-Leader.