Happy layoff day - Feb 2, 2009
February 2, 2009
I wouldn’t want to have Macy’s as my Advertising Agency client. Just a quick round up of the headlines being displayed. It’s ugly out there, really ugly. As noted earlier, we title these posts “happy layoff day” not because we are happy to see people fired, but rather because we were accused of reporting the truth in too much detail. Layoffs are horrific, they wreck families, they cause havoc to individuals. We don’t report these things with glee. We report these things because they are facts that others need to be aware of the severity of the situation so they can protect their livelihoods and families.
In 2006, Macy’s hired Starcom USA of Chicago Starcom’s assignment includes media planning and buying for Macy’s TV, radio, print, outdoor and internet advertising. Initiative and MPG were among the competitors in the final round. The account was worth $200 million back in 2006. What are the chances of it still being a $200 million dollar account today after firing 7,000 people (story below). Also back in 2006, The Martin Agency was hired by Morgan Stanley as its advertising agency of record for its Discover(R) Card business. Morgan Stanley is firing 4% of their workforce today.
It’s unclear of these advertising agencies still have those accounts, but if they do and have people on their payroll that work on those accounts.. we suggest for those people to start shopping for a new job before the pink slip lands on their desk. You don’t have your client fire thousands of people on their payroll, and expect not to see an advertising decrease.
# Macy’s to cut 7,000 jobs, slash dividend- AP
# Fed: Banks still tightening loan standards- AP
# Report: Morgan Stanley to cut up to 4% of workforce- AP
Start looking now so this doesn’t happen to you.
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