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Entertainment Marketing Layoffs Follow Brown-Forman Loss
By Betsy Spethmann
PROMO Xtra, Mar 23 2004
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Chicago agency Entertainment Marketing, Inc. laid off more than two-thirds of its staff last week after losing its core client, Brown-Forman Corp., which accounted for an estimated 70% of EMI's revenues.
EMI has no plans to close despite speculation in the Chicago agency community that main investor Svoboda, Collins may fold or sell the event-marketing shop.
"When an event like this happens in your business, you step back and review your mission and strategy," EMI CEO John Davidoff told PROMO. "We plan to keep doing what we're doing and go straight ahead."
EMI terminated 40 staffers—18 at its headquarters and 22 field marketers—after Brown-Forman, a producer and marketer of wines and spirits, pulled an estimated $5.5 million in on-premise work from the shop on March 2. That leaves EMI with 15 staffers and a client list including Anheuser-Busch and Target Stores. The shop is signing new clients and has an active new-business pipeline, Davidoff said.
Last year EMI counted on work from Brown-Forman to stop the agency's revenue slide, down 16% in 2002 to $7.7 million. EMI ranked No. 19 in the 2003 PROMO 100.
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