Crispin Porter + Bogusky has laid off 60 of its 900+ employees, the company said in an e-mailed statement.

"In response to the current economic climate, advertising budgets are being reduced in virtually every industry. On a comparative basis, CP+B¹s business is doing well but we are not immune to the constriction of the economy. Our two main responsibilities are to our clients and to our employees. And in order to most prudently manage our business, we have taken the difficult step of reducing our staff by 60 of our 900+ employees.

We do not anticipate any further staff reductions. These are extraordinary times and we hope that we will not have to do this again."

Even America's "Agency of the Year" (Adweek) has to trim back now and again. In a time when flat is the new up, we're hoping these folks at least went home with a few weeks pay.

More: "Adweek's Agencies Of The Year"