RIP ad agency BBDO Detroit
November 9, 2009
Agency Spy has a breaking news report that ad agency BBDO Detroit is closing it’s doors on January 29th. Meaning that the game is over for the advertising agency.
The agency historically obtained most of it’s business from Chrysler, and when that business dried up, so did everything from payroll to rent. Meaning, like any other company it’s forced to close its doors. 485 people are currently working in that office, and the vast majority of them will be given walking papers.
This is a major blow to what’s left of the Detroit advertising business. The City has been in the great depression in earnest for quite some time now. A 4 bedroom home could be bought in Detroit for $3,000 dollars… the same home went for $100,000 several years ago.
Anyone want BBDO’s current office? Out guess that you can get into a holding company office for pennies on the dollar. Just like the rest of the business model.
This is going to be rough for those nearly 500 people being fired, there are not many viable alternatives to employment within a large radius of the city. The city recently reported a 35% unemployment rate (nearly 50% when you account for underemployment IE: Mechanical engineers working at McDonalds)
This is bad.
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