A Miami advertising agency has laid off 62 employees and will shut down.
Commonground/MGS filed a notice with state regulators earlier this week announcing the layoffs.
The company was formed when local shops MGSCOMM and the Cunningham Group merged with other agencies in Chicago and New York late last year, in a deal engineered by Atlanta private-equity firm PCH Communications. But the partnership quickly ran into trouble. Adweek reported that PCH had been fighting with its lender, Fifth Third Bank of Cincinnati.
Over the weekend, the firm emailed employees at all its offices telling them to clear out their desks by Monday, according to Adweek.
62Number of local employees laid off from Commonground/MGS
Local clients included HBO Latino, Bacardi, Florida Power & Light and the Miami Marlins, according to the agency’s website. The firm also produced a television commercial for Toyota that inadvertently featured Jeb Bush’s stately Coral Gables townhouse.
It’s not clear if executives from the Miami office will take their clients and start a new agency, as members of the shuttered Chicago office did, according to AdAge.
The company did not return a request for comment.