posted by SooYeon(Pia),ShinAdvertising agency Rockett, Burkhead & Winslow Inc., stung by lower spending by its major clients, has filed for Chapter 11 bankruptcy protection and laid off 15 employees.
In its filing, the Raleigh company lists about $1.6 million in assets and $7.3 million in liabilities. The company estimates that it has between 200 and 999 creditors.
Filing for Chapter 11 bankruptcy allows a company to reorganize operations while getting protection from its creditors.
RBW’s bankruptcy filing lists large creditors such as National Cable Communications, Forbes Media LLC, Fortune magazine, FOX News Network and USA Today. The ad agency is paid by its clients to develop and buy advertising in various media.
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