Company had struggled to meet payroll in recent weeks
After struggling to make payroll and bring in new investors, 32-year-old marketing agency Cimarron Group announced it would close its doors on Tuesday.
Cimarron, which recently worked on campaigns for films including “Twilight,” “The Lorax” and “American Reunion,” had struggled to meet payroll in recent weeks. In June of 2012, the company reached an agreement with SAG-AFTRA over unpaid fees to performers. The advertising conglomerate also closed its office in Beijing in April after opening it less than two years earlier.
The company currently employs about 120 workers. A company spokesperson declined to discuss details of the employees’ exit packages, but said that “many of them were able to get other job offers.”
A spokesperson for Cimarron said the company made its decision to shutter after a failed bid to bring in more financing and restructure the company.
“It is with much regret that I announce the closing of Cimarron Group,” Bob Farina said in a statement. “I want to thank the incredible executive team and staff that has served this agency with their creativity and dedication. Over the past thirty-three years, our clients have meant everything to us and we appreciate all of them beyond measure.”
News of the closure was first reported by Deadline.