BOUTIQUE SHOP FAVARA & RAFFLE TO CLOSE

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(July 17, 2001) -- New York-based boutique agency Favara & Raffle Advertising is closing in 30 days.

Cary Raffle, president and owner of the eight-year-old firm, said, "Recent account losses and increased overhead have made it impossible to continue."

At its peak, Favara & Raffle had billings of $7 million and seven employees; today, the agency has a staff of four, two of whom plan to retire upon the shop's close.

Favara & Raffle recently lost longtime account Judith Lieber to competitor Ink & Co. Mr. Raffle will act as a consultant to current client Gracious Home, a chain of retail stores, and also pursue other opportunities in the industry. -- Lisa Sanders

Copyright July 2001, Crain Communications Inc.

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