Ad agency shuts shop with $16 million owing
"They have run a lot of good campaigns over the years. Very sad to see them go under."Featured comment
In a move sending shockwaves through ad land, Publicis Mojo has been placed into liquidation by its French parent company.
The announcement was made just before Christmas and affected about 20 staff.
The first liquidation report reveals more than $16 million is owed to creditors.
Most of the financial loss – $15.5 million – is owed to the related entities of Publicis Group.
Employees are owed more than $200,000, of which only $64,529 is guaranteed as preferential creditors.
Inland Revenue is owed $87,918 as a preferential creditor and close to $350,000 to other unsecured creditors.
The agency listed Goodman Fielder, Hallenstein Glasson and Nestle among its clients.
Read the full story in NBR Print this Friday.