Lipman ad agency shuts down
High fashion ad agency Lipman, whose roots go back to 1927, closed suddenl♍y Thursday leaving dozens of stunned employees out on the street, ဣThe Post learned.
A teary David Lipman, the ♈agency’s chairman, who had been out this past week promoting his agency’s work on a new Kate Moss ad campaign for Stuart Weitzman thigh boots, broke the unfortunate news to his staff in an afternoon meeting Thursday at its Meatpacking District office, a source said.
Possible financial problems at Revolate, the agency’s parenꦆt run by 36-year-old Andrew Spellman, a formerꦍ Goldman Sachs executive, led to Lipman’s demise, sources said.
Neither Lipman noꩵr Spellman returned a call for comment.
The agency reception desk was not manned T🏅hursday✨ afternoon.
Meanwhile, outside 𝓰its West 14th Street offices, a photographer showed up for a meeting at the agency.
“I just found out from my agent,” he said, asking not to be named.🅠 “I went there for a meeting, and there𝓀 was nobody there. They just told everyone to pack their bags and go.”
A second person looking to talk to someone at Lipman, an angry collections agent for a modelling agency, said, “They’re crying wolf here, meanwh𓃲ile they’re partying over there,” referring to the office of social media concern Archetype Me, another of Revolate’s investments.
“They’ve burned a lot of models and talent,” he sa🙈id.
For Lipman, it appears to be a crushi𓂃ng end for an agency started by his family 86 years ago.
He🎃 worked on ads directed by actor James Franco and brought in high-fashion clients, including Dior, Fendi and 7 for All Mankind.
Sean Avery, the former NY Rangers star, was a par♋tner in the aওgency.
Lipman recapitalized the company in 2011, selling his sha🐠res to a new entity controlled by investment vehicle Revolate — but retaining an equity stake, Spellman, of Newton, Mass., served as the age🎉ncy’s CEO, and former Disney and HP marketing whiz Michael Mendenhall was its president and COO.
T🌟here were signs of trouble earlier this month, sources tell The Post, when Lipman closed the second-floor office of the multi-floor headquarters.
Lipman might not be the only Spellman investmen♑t with financial issues, sources said.
“He moved too fast, over extended himself and overpaid people,” one person familiar with Revolatꦏe said of Spellman.
Spellman, offering equity in the firm, lured Shauna Brook from her perch as chief marketing officer at jewelry brand David Yurm𒁏an to the same 🍸position at Revolate about 16 months ago.
Spellman also persuade🎉d Cristina Carlino, founder of the $1 billion beauty business, Philosophy, to join forces with Revolate to help launch Archetype Me.
Separately, Revolate and David Lipman are named in a lawsuit filed last month in Manhattan state court by JulyEight LLC, a photography firm, seeking 🌜$68,796 in unpaid fees.
A second unrelated lawsuit, filed by spor💛ts agency Raptor against Spellman, was settled in March.
Terms of the lawsuit could not be learned.