Banking On A Comeback

It’s business as usual at Pro Media these days. Executives there claimed they are not the least bit worried about the Chapter 11 bankruptcy filing last week by client Filene’s Basement.
Les Greenberg, chief financial officer of the Natick, Mass.-based media agency, will attend a meeting of the company’s 20 largest creditors this week in Boston, where legal counsel will likely be selected to represent the group as they attempt to collect.
Pro Media, which quietly regained media chores for Filene’s Basement earlier this year and according to court documents is owed more than $522,000, has no intention of parting ways with the Wellesley, Mass.-based retailer anytime soon.
“We’ve got a good relationship,” said Greenberg. In fact, Pro Media is in the midst of placing the company’s fall campaign.
The shop is banking that Filene’s Basement will stage a comeback similar to Rocky Hill, Conn.-based Ames, which emerged from Chapter 11 five years ago, Greenberg said.
North Castle Partners, Stamford, Conn., which has handled creative chores for Filene’s Basement for the past three years, is not among its largest creditors and is confident Filene’s Basement will restore its balance sheet, according to an agency representative.
–David Gianatasi