An Innsbrook company that once was among the fastest growing firms in the country has filed for bankruptcy and shut its doors.
Robinson Radio, a radio advertising agency founded in 2004, filed Thursday for Chapter 7 bankruptcy liquidation, heavily in debt and with no assets.
The company, which had been headquartered at 4050 Innslake Dr., created radio commercials for clients and arranged on-air ad placement. According to its website, its clients included P90X, known for its fitness workout infomercials.
Robinson Radio said in a prepared statement that the bankruptcy was the result of “overly aggressive investments in personnel and additional operating expenses just before the 2008 economic crash and the continuing challenges of the advertising marketplace in the four years since the start of the recession.”
President and chief executive Buck Robinson said in the statement, “We fought as long and as hard as we could to keep the company afloat, but unfortunately we were just unable to bounce back the way we needed to when the recession hit.”
“Still, I am extremely proud of the work that we created, what we were able to accomplish over almost 8 years in business, and the results that we were able to generate for a significant number of clients who had previously had little or no success utilizing radio advertising.”
The company for three consecutive years was named to Inc. Magazine’s Inc. 5000, a ranking of the fastest growing companies in the country.
It brought in $8.9 million in revenue in 2010, almost double its 2009 figure, according to the bankruptcy filing. Revenue dropped to $1.3 million in 2011.
David Spiro, an attorney with Hirschler Fleischer, is representing Robinson in its bankruptcy. Spiro could not be reached for comment.
The company’s 73-page bankruptcy filing lists $6.2 million owed to more than 100 creditors and zero assets.
Its debts include millions of dollars owed to dozens of media and broadcasting companies such as Clear Channel, Pandor, and infomercial giant Guthy-Renker.
The company had also racked up $378,000 on several business credit cards and owed $79,000 in taxes to the IRS.
Robinson and another employee are owed a combined $15,000 in unpaid wages, according to the filing.
Robinson’s 3,800-square-foot office in the Collonade Building at Innsbrook is available, according to its landlord, Highwoods Properties.
OK, I’ve read this sad news and… what does this have to do with Innsbrook? What is an “Innsbrook company?”