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CP+B Cuts ‘Less Than 3%’

We’ve been hearing about this since Tuesday actually, and yes, it appears that the Old Navy split has already taken its toll on Boulder-based, MDC-owned CP+B, which just sent us this statement:

“This has been a great year for CP+B in many ways. However, as is often the case in our industry when a significant piece of business is lost, we must reevaluate our structure and make certain adjustments. Today that means eliminating 21 positions (less than 3%) of our staff. As we all know, saying goodbye to colleagues and friends is probably the most difficult part of this business and we take it very seriously. Hopefully we will welcome some of them back again. And in the meantime, we are confident that the steps we are taking today will allow us to both meet and exceed the needs of our clients and of our employees. Which is the key to the long term success and growth of CP+B.”

CP+B’s relationship with Old Navy dates back nearly five years, when the agency beat out TBWA\Chiat\Day for the brand’s ad biz. Earlier this week, Gap Inc. spokesperson Edie Kissko issued this statement regarding CP+B and Old Navy, the latter of which we’re hearing has gone through six CMOs and four presidents since the former took over its account:  “After a positive working relationship of five years, Old Navy will no longer be working with Crispin, Porter + Bogusky. Old Navy has been and will continue to work with a roster of advertising agencies and does not have an agency of record.”

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