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Fledgling business-to-business holding company 3i has shuttered its only agency and parted with one of its two founding executives.
The Chicago-based company, which had expected to have five to six b-to-b shops by the end of this year, has closed Des Moines, Iowa-based CMF&Z, which was saddled with debt from its acquisition, said 3i CEO Sean Bisceglia.
“We gave it 8 months of survival that it wouldn’t have had,” Bisceglia said. “Our secured creditor did not want to continue funding the company.”
In September, CMF&Z was forced to cut 15 people, nearly 40 percent of its staff.
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