Advantage Business Marketing Ceases Operations After 13 Years

Advantage Business Marketing—the Rockaway, N.J.-based B2B media company formerly known as Advantage Business Media until rebranding in a last-ditch pivot to marketing services a year ago—abruptly shut its doors this week, notifying its more than 50 employees that they were out of a job, effective immediately, and would not be receiving severance packages, according to multiple sources. The private equity-backed publisher of titles like R&D Magazine, Laboratory Equipment and ECN, among several others, didn't respond to voicemails or emails (repeated calls to its corporate offices went unanswered), but current and former staffers as well as others close to the situation say that employees were notified on Monday that ABM was ceasing operations after 13 years and filing for bankruptcy protection. Formed in 2006 when founders Rich Reiff and George Fox, backed by Catalyst Investors, acquired a handful of titles from Reed Business Information, ABM was sold to Austin, Texas-based private equity firm Owner Resource Group in 2014, at which time Jim Lonergan succeeded Reiff as CEO. Lonergan was in turn replaced, last April, by Bruce Cummings, then-CEO of business process outsourcing firm Gila LLC, who was brought in to accelerate ABM's transition from a B2B publisher to a "digital marketing platform provider," according to a company announcement at the time. In January, the company launched the Advantage Business Network, a series of long-form, TV news-style broadcasts meant... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2019-06-19 21:06:21 UTC ]
News tagged with: #b2b publisher #turn things #developing story

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