Austin Texas based T3 (The Think Tank) announced another round of layoffs today, noting that they’re “taking proactive measures to reduce both staff and overhead as Wall Street tries to find its footing.”
According to an agency representative, administrative staff, travel and overhead expenses are the focus of today’s cuts.
The reason: more of the same. “Most of our clients are Fortune 100,” says agency CEO and founder Gay Gaddis. Translation: marketing cutbacks means people lose their jobs. The agency also mentioned low confidence following last week’s stimulus package announcement.
T3’s first major blow came more than a year ago when one of their largest clients, Dell, consolidated their advertising efforts through WPP’s agency-to-be, Enfatico. Since then the shop has been in a slow slide — much like the rest of the industry.
More: “T3 = Trouble Trouble Trouble”