The worsening New Zealand economy has forced retail agency Ideaworks to shut up shop.
The agency and its nine staff will officially close at the end of the month.
Outgoing CEO Alan Treadgold toldB&T Today that the decision was totally led by the changing economic conditions in New Zealand.
“We made the call early this year based on the economic outlook for the New Zealand economy.”
Treadgold said a majority of the staff had found new employment opportunities and that the clients of the agency, including Warehouse Stationery New Zealand’s leading stationery retailer, had found new agencies.
The New Zealand office became a full service agency in late 2007 and had prior to this operated as an account service agency. At the same time the Brisbane Ideaworks satellite office has been down sized from two people to one following the departure of one staff member.
The New Zealand closure comes after a string of account losses for the Sydney agency, including the Mitre 10 account in January and the Supercheap Auto account late last year.
Treadgold announced he would be leaving the agency to become global head of retail for Publicis Groupe’s Leo Burnett last month
He will be replaced by Jon Bird, who left the agency less than two years ago to head the retail division of M&C Saatchi.
