You read that right. Adweek is reporting as of 5:30 Thursday night:
Just weeks after hiring DraftFCB in one of the year’s most closely watched reviews, Wal-Mart is splitting with the Interpublic Group agency and plans to put its $570 million ad account back in play “based on new information that has come to light in the past two week,” said client representative Mona Williams.
Wal-Mart has not decided if the new competition is open to all comers or just finalists from the fist review, Williams said. The process will be completed by the end of January.
Ouch.
I wonder how many people DraftFCB already hired to service the business.
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People inside the agency said they were already in talks for additional office space. It will be interesting to see if they already inked deals on that.
This whole, tawdry affair and it’s bitter outcome serves some in that company right, from all I’ve read and heard. On the other hand, it’s a horrible blow to all the good people inside that shop and everyone in the Chicago advertising community. They could use the jobs a serious account like Wal-Mart would have provided.
What a shame. Quite possibly the biggest story in advertising this year.
theo kie,
the year is not over yet. draft fcb can still top themselves. it’ll be interesting to see the collaterla damage (i.e., who gets a holiday pink slip).
you’re right about the good people who ultimately got screwed like a lioness. they don’t deserve the drama.
but that’s life in the big agency.
I’ve got a very good friend who was let go when the Creative Enigma Paul Tilley was promoted at DDB. My friend recently got hired by Draft/FCB.
Like, a week ago.
Sounds like Christmas is cancelled for him.
Way to go, dipwads.
Once again, people have to rethink their lives based on some whim of spineless executives. On both sides.