As reported in the Orlando Sentinel, Winter Park, Florida-based agency Kre8 Media has filed for bankruptcy after its revenue plummeted from $67 million to just $11.7 million in one year. According to the agency's bankruptcy lawyer, Kenneth Herron, the agency’s two biggest clients stopped advertising earlier this year.
While the two clients that pulled their budgets have not specifically been disclosed, the agency counts among its clients Zulily, PokerStars, KEL Medical Alert and QuiBids. Kre8 Media was launched in 2003 by Tracy Cutler.
Of the filing, Herron said, “It was not possible to replace them [the clients] and continue to cover all expenses. The bankruptcy was filed to allow for an orderly shutdown and liquidation of the business. Mr. Cutler is still considering his future business plans."