The agency, based in Irvine, California, closed on Friday with 20 employees and no clients, according to reports. A year ago it employed 150 staff and had annual billings of $275m. Hyundai was its biggest account.
The news comes just one week after the launch of Hyundai's latest brand advertising campaign, the first work through new creative agency The Richards Group since the agency picked up the account. The media work was handed to Aegis-owned Carat.
Bates USA West lost the $160m (拢112m) account in April following a four-way pitch against Publicis, Seattle; Publicis & Hal Riney, San Francisco; and FCB, Irvine California. Bates's contract with Hyundai officially ended on September 30.
The loss of the Hyundai account followed other account losses including that of the $10m Pacific Sunwear creative and media account, which was awarded to Doner in Newport Beach, California, and Southfield Michigan following a review.
The other account handled by the Irvine office was the Aramark Uniform Services, which parted with the agency in August.
The loss of Hyundai sparked a collapse in Cordiant's share price, which eventually led to the resignation of CEO Michael Bungey soon after Bates New York lost the $300m Wendy's fast food chain account.
Cordiant's shares were down 1.4% to 34p as news of the closure broke last night. Within the last year Cordiant's share price has fallen from a high of 134p in November last year.
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