Dive Summary:
- Leading Hollywood brand strategy and marketing company Cimarron Group shut down after 33 years, its chief executive Bob Farina announced in a statement Tuesday.
- The closure cost around 120 employees their jobs, though many were already laid off or in new jobs at rival agencies Monday.
- Cimarron created movie trailers, TV commercials and print and digital campaigns for major studio movies, and while the company didn't cite reasons for its closure, a source close to the company said it couldn't meet its payroll obligations last week after failing to secure a loan.
From the article:
... Insiders said the company has faced mounting financial difficulties in recent years after expanding overseas and seeing a falloff in business from studios, which have cut back the number of movies they release annually and slashed what they spend on marketing campaigns. ...