Cliff Freeman Loses Quiznos; Agency Survival in Question
Cliff Freeman & Partners is in the "last 30 days" of its work on Quiznos, its biggest client, according to Ad Age. The loss of Quiznos -- an $83 million account -- calls into question whether Cliff Freeman can survive.
It is now time for MDC Partners -- a publicly traded company with a stake in Freeman -- to seriously consider folding Freeman into Crispin Porter & Bogusky.
Here's the state of Freeman's current client roster, as culled from the shop's own site and recent reports:
- Quiznos - out the door
- Baskin Robbins - a $10 million account
- Snapple - gone
- Bonefish Grill - gone
- Valley National Bank - tiny regional bank; probably spends $3-5 million
- Invisible Children - a charity
- Saudi Arabia Airlines - less than $1 million in billings
BNET previously suggested that Freeman needs to pull itself out of the fire this year or go under. The problem is that Cliff Freeman and his name need a gracious way out of the current crisis they're in.
One possibility is that Freeman is about to land a new large account that will save the agency, but if so he's doing it in secret.
If the shop is simply shuttered, Freeman's still-impressive legacy ends with the coda "until he went out of business" -- not something that Freeman will find palatable.
The most practical alternative is to merge Freeman with MDC sister shop Crispin Porter & Bogusky. That would require Alex Bogusky to engage in a collosal act of charity, especially if Freeman's name is added to the door. ("Crispin Porter Bogusky & Freeman"? There have been worse agency names -- hello, Messner Vetere Berger MacNamee Schmetterer Euro RSCG!)
But Bogusky's charity need not last too long. The name change could be restricted to the Freeman office; after a decent period Freeman could retire; and then, after another decent period the name could revert back to CP&B. Freeman gets to leave without being regarded as bankrupt, and MDC gets a functioning agency in the New York space currently occupied by Freeman.
- See BNET's previous coverage of Cliff Freeman and Partners:
- Cliff Freeman in Freefall? Client Gains Don't Seem Big Enough to Cover Lost Revenue
- Cliff Freeman Names New CEO; Turmoil as Usual