Cliff Freeman Loses Quiznos; Agency Survival in Question

(MoneyWatch)  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

With the backbone of the shop now dependent on something like $15 million in billings, this is an agency that may no longer be a going concern.

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