Martin Agency lays off 29 after losing Walmart account

Posted at 7:39 AM, Sep 08, 2016
and last updated 2016-09-08 07:39:56-04

RICHMOND, Va. — Two months after losing one of its larger accounts, Richmond’s resident ad giant has trimmed its workforce by about 5 percent.

The Martin Agency announced Wednesday it is laying off 29 employees, most from its headquarters in Shockoe Slip. Some positions were also cut from the firm’s office in New York.

The layoffs represent 5.6 percent of the agency’s workforce, which now totals 486 employees spread between its offices in Richmond, New York and London. Spokesman Dean Jarrett said the cuts were announced in a companywide meeting late Wednesday morning, by which time affected employees had been notified.

Jarrett attributed the cuts to the agency’s recent loss of its Walmart account, which ended in July after nearly a decade. He also pointed to decreases in other clients’ projected spending and “a realignment of resources to more closely match” clients’ needs.

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