Bethesda-based Enten & Associates is calling it quits after more than two decades in business. According to the Washington Business Journal, agency head Jon Enten wrote clients that said he has “never seen the economy in worse shape as now.”
The WBJ story stated: “The agency — which had significant exposure to the commercial real estate, hospitality and tourism sectors — struggled as its clients reduced their ad spending, delayed paying the agency’s bills and sometimes shut down altogether.
“One tourism client, the government of Iceland, saw its financial system and currency collapse last October.
“As any ad agency executive — and any ad-dependent media executive — can attest, Enten’s troubles are indicative of an industry in upheaval, as digital media and social marketing strategies redefine traditional advertising models.”
Although Enten & Associates has not filed for bankruptcy protection or liquidation, continued the WBJ story, “Enten’s letter indicates that the company has $335,000 in secured and unsecured debt and assets of just $250,000, including unpaid receivables it is due.”