Saffer Advertising says it is debt-free and actively rebuilding.
The agency, which filed for protection under the Companies’ Creditors Arrangement Act this past February, had its restructuring proposal approved by the Ontario Court June 1.
Eddie Black, ex-president of former Saffer client Black Photo, has joined Saffer, Toronto, as acting-president and the agency is also looking to hire additional account and creative staff.
Buy-back proposal
Black left Black Photo in January to put together a proposal to buy back the chain of 200 photography stores, which has been owned by Scott’s Hospitality since 1985.
He came second in the bidding.
It was announced earlier this month that Fuji Photo Film Canada bought the company for $65 million.
Black’s loss is Saffer’s gain.
Agency Chairman Morris Saffer says, strategically, the company has a tremendous package to offer with the addition of Black’s organizational and marketing expertise, as well as his experience as a client.
Black’s relationship with the agency may become permanent, and there is a possibility he will invest in the business.
Saffer says, ‘The agency is committed to the `Store as a Brand’ strategy and Black understands that.’
Saffer estimates that combined 1993 billings for the its Toronto and Chicago offices will be more than $70 million.
Clients
It lists Canadian clients Hudson Bay, Home Hardware and SmithBooks, and in the u.s., Wannamakers, Home Quarters, and Montgomery Ward.
After 15 years with Saffer, Black Photo moved its $7-million account to Padulo Advertising this past March.
Saffer/Cravit in Chicago is run by David Cravit, president and managing partner.
Saffer’s Toronto broadcast production subsidiary, Dynamic Products, is headed by John Auriemma, vice-president. PS
