Phoenix Business Journal is reporting that Arvizu Advertising is in court seeking relief from 207 creditors to the tune of $3 Million.
Local creditors include KTVW – Univision 33 ($1.2 Million), KUVE-TV ($139,191), McDonalds, The Arizona Republic, Ryley Carlock & Applewhite PA, Chicanos Por La Causa – Tucson, and dozens of media outfits.
The PBJ reports:
Arvizu Advertising is one of the oldest marketing and pubic relations firms in metro Phoenix, primarily serving the region’s booming Hispanic market and businesses. Its clients have included Basha’s and its sister company Food City, Quest Communications Inc. and McDonald’s. The company has created numerous public service announcements targeting Latinos, and is well known for its philanthropic endeavors in the community.
According to the 2008 Phoenix Business Journal Book of Lists, Arvizu was the largest minority-owned firm in the Phoenix area, generating $113 million of local gross revenue in 2007. Arvizu Advertising, similar to many other marketing firms here, has struggled to keep its book of clients, while others have cut marketing budgets. The industry continues to shrink, as real estate advertising vanished after the housing crash and other economic drivers, such as tourism, flounder in the deepening recession.
One factor not mentioned in Chris Casacchia’s report is whether or not a reduction in the Hispanic population has been a contributing factor in Arvizu’s decline.