According to the Arizona Republic and the Phoenix Business Journal, local ad agency Arvizu has been hit particularly hard by the economy, and has filed for Chapter 11 bankrupcy, citing lower spending among clients and an overall decline in print and broadcast spending as a leading cause.
The five leading creditors listed in the filing are:
- KTVW Univision 33 ($1.2 million)
- KCEC-TV Univision Colorado ($468,761)
- KDEN Telemundo Denver ($165,524)
- KUVE-TV Tucson ($139,191)
- KUNS-TV in Seattle ($106,585)
Founder Roy Arvizu said, “I felt the best way for our company to move forward was to restructure our debt…get us prepared for future years.” The company will continue to operate while it restructures its debt.
Our sympathies go out to the staff of Arvizu, especially those laid off recently as a result. Here’s hoping that other local agencies can realize that times are changing before they have to go through the same thing as well.
It‘s quiet in here! Why not leave a response?