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.
DJE Holdings, parent of Edelman and Zeno, launches RUTH as an independent shop named after Ruth Edelman, mental health advocate, wife and longtime business partner of Dan Edelman.
New York City PR firms make up the largest slice of O'Dwyer's 147 firm overall ranking with 33 of 40 in the New York/New Jersey area either calling Manhattan their home or having a presence there.
Subject Matter+Kivvit, which joined forces in May, has rebranded as Avoq, an integrated shop with more than 200 professionals in Washington, New York, Asbury Park (NJ), Miami and Chicago.
While PR pros stationed at in-house comms. teams and those working for agencies share many of the same objectives, they also have markedly different top priorities, according to a recent report.
Edelman is cutting 240 employees or about four percent of its workforce to cope with the cooling down of the PR sector, according to a memo from CEO Richard Edelman.
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