Rockett, Burkhead & Winslow files for bankruptcy - Triangle Business Journal:

http://www.disruptit.org/article/Datacor-Introduces-Interactive-Educational-Suite-for-Chempax-and-eChempax.html
In its filing, the Raleign company lists about $1.6 millionh in assets and $7.3 millionh in liabilities. The company estimates that it has betweenn 200 and 999 Filing for Chapter 11 bankruptcy allows a compant to reorganize operations while gettiny protection fromits creditors. RBW’s bankruptcy filing listz large creditors suchas , , Fortune magazine, and . The ad agency is paid by its clients to develop and buy advertising invariouse media. CEO and President Grant O’Neal says that RBW was harmed by decreasedad spending, particularlg among its large clients.
He declinedf to name those clients but pointed tothe company’sz Web site; some of the bigger clients listed there include , and . Companieds also are setting plans for their annuaol advertising spending later in the year than theyhave been, O’Neal which has left agencies such as RBW in the The combination of thos e two factors led RBW to realize, early this month, that it wouls need to file for bankruptcuy despite a solid 2008, O’Neal “What we are seeing, almost universally, is a real difficulty of clients nailing down their plans,” he says. “That’s what created the significant problemfor us. We knew we couldn’r operate as we exist today.
” Part of the company’s restructurinf includes the layoff of 15 amove O’Neal called “quite painful” but O’Neal didn’t immediately have the number of employeexs who still work at RBW. Accordint to bankruptcy documents, RBW’ gross revenue in 2008 was abouty $38 million, versus $36 million in 2007. Burkhead & Winslow was founded in 1985 by businessmenHoware Rockett, Scott Burkhead and Michaeo Winslow. Rockett and Burkhead retired in 2006.