What you will learn...
Coyne PR cutting back in all areas
Coyne PR announced recently the startling news that they have laid-off about 30 of their employees (14 percent of the staff) and are cutting back on benefits for those who remain.
Tom Coyne, CEO, said the move is because of a combination of having hired too many people over the last year and a half, and problems caused by their CFO, Mike Sloan after he started with the firm mid-2014. According to Coyne, Sloan is no longer employed at the firm, though that change has not yet registered on Sloan’s information.
Other pared-down benefits include halting matching 401(k) deposits, putting a hold on the health care co-pay reimbursement plan, as well as possible cuts to the vision plan and the employee life insurance policies. The firm noted they have always provided substantially more benefits to employees than what others in the market do, but also asked the remaining employees to be careful about use of cell phones and expense accounts until things get straightened.
There is an internal investigation into the books to find how deep the problem goes and if it was bad judgment on the part of the CFO or something more.
42 West moving their New York office location
The agency which has been at their current location since 2004 at 220 West 42nd Street (between Seventh and Eighth Ave) will be moving in December – upgrading from 11,000 square feet to 12,500+ square feet at 600 Third Avenue. The new location will be on the 23rd floor of a 42-floor building between East 39th and 40th Street – Midtown East.
42 West was founded in 2004 and has another office in Los Angeles. They represent well-known clients such as Will Smith, Woody Allen, Tom Hanks, and Nicole Kidman. Their new office comes with a great view, a wonderful environment, and only a few steps from Grand Central.
PublicCity PR becomes new AOR for Baron Chocolatier
PCPR is based in Southfield Michigan and has just signed as the agent of record for Baron Chocolatier, makers of fine European chocolates and a second-generation privately owned company. PCPR have been hired to elevate the public’s awareness of the premier chocolates to increase growth. They will deal with trade media and direct consumer relations, community and promotional initiatives, and new product launches. PCPR was founded in 2008 and specializes in entertainment, hospitality, non-profit, food and beverage, retail, and professional services.
Baron offers Kosher and GMO-free certified chocolates, making millions of pounds of the candy that is sold in 80,000 stores in Mexico, Canada, and the U.S. The company started in Poznan Poland 30 years ago and now employs thousands of people.
City of Carlsbad, CA signs Wagstaff Worldwide
Wagstaff is based in Los Angeles, but also has offices in Aspen, San Francisco, New York, and Chicago and specializes in travel and hospitality PR. They’ve recently been signed as the agent of record with Visit Carlsbad. The seaside resort community features a seven-mile stretch of beach in north San Diego County and is located about two-thirds the distance between Los Angeles and San Diego.
WW was founded in 1999 by Mary Wagstaff and she has grown the agency from a one-woman show to its 100 or so employees today. Some of their other clients include Oxford Hotels and Resorts, Visit Denmark, American Airlines, David Burke Group (restaurants), and Windstar Cruises.