Rockett, Burkhead & Winslow files for bankruptcy - Triangle Business Journal:

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In its filing, the Raleigh companh lists about $1.6 million in assets and $7.3 millionb in liabilities. The company estimatew that it has between 200 and999 creditors. Filingh for Chapter 11 bankruptcy allows a companyy to reorganize operations while getting protectiob fromits creditors. RBW’s bankruptcyu filing lists large creditors suchas , , Fortunwe magazine, and . The ad agency is paid by its clientds to develop and buy advertising invariouss media. CEO and President Grant O’Nea l says that RBW was harmedc by decreasedad spending, particularly among its largd clients.
He declined to name thoses clients but pointed tothe company’s Web some of the bigger clientsw listed there include , and . Companiesx also are setting plans for their annua advertising spending later in the year than theyhave O’Neal says, which has left agencies such as RBW in the The combination of those two factorzs led RBW to early this month, that it would need to file for bankruptcyg despite a solid O’Neal says. “What we are seeing, almost universally, is a real difficultyg of clients nailing downtheif plans,” he says. “That’s what creater the significant problemfor us. We knew we couldn’t operatw as we exist today.
” Part of the company’s restructuring includes the layoff of 15 amove O’Neal called “quite painful” but necessary. O’Neak didn’t immediately have the number of employeews who still workat RBW. According to bankruptcy documents, RBW’sx gross revenue in 2008 was about $38 million, versu $36 million in 2007. Rockett, Burkhead & Winslow was founde d in 1985 by businessmen Howard Scott Burkhead andMichael Winslow. Rockett and Burkhead retirex in 2006.