Raleigh Ad Agency RBW Is History
February 26, 2009 at 7:08 AM (PT)
The 24-year-old agency, which filed for Chapter 11 bankruptcy protection last month after its clients reined in their ad budgets, is closing its doors today, CEO GRANT O'NEAL said late WEDNESDAY. Late TODAY the company expects to file for liquidation under Chapter 7 of the federal bankruptcy laws.
O'NEAL said RBW's efforts to reorganize were thwarted by media outlets that, in the wake of RBW's bankruptcy filings, insisted on dealing directly with the agency's clients rather than allow RBW to buy ad space or time on their behalf.
"That's quite disruptive to clients," he said. "That's not something that is in their job description."
As a result, clients started deserting the agency, said O'NEAL, who added that he didn't blame them a bit. RBW's roster of clients when it filed for Chapter 11 included BB&T, BISCUITVILLE, CORT, DOLLAR TREE and OLD DOMINION FREIGHT LINE.