Update: A source has provided AgencySpy with a copy of the e-mail GSD&M President Duff Stewart sent to staff about his agency's loss. See it, after the jump.

After weeks of deliberation, Home Depot has chosen to maintain its relationship with incumbent agency, The Richards Group, according to a source close to the matter.

More: "GSD&M Out, Richards Group to Retain Home Depot"

Team, We just received the tough news that we were not selected for The Home Depot business. While they were very impressed with our work and with us as an agency, they've chosen another direction. We wish our friends at The Home Depot the very best. But most importantly, we can all be very proud of the great effort we mounted for this opportunity. And remember, this was never a "must win." It would have been a great cap to the year, but our year has been remarkable even without it. As with everything we do, we'll take some lessons from this effort and we'll apply them down the road. Good things will come from this. They always do. Thanks to the whole team who worked on this pitch and thanks to our whole agency family for all of your support. Next up is the Noxzema pitch on Monday and we're looking forward to competing for that business. As always, onward. Duff