http://reelchicago.com/article/grace-wild-cuts-staff-bone-80-layoffs
Grace & Wild cuts staff to the bone with 80 layoffs
By Ruth L Ratny October 31, 2011
In the wake of the news of Chicago-based Roscor equipment company's mass layoffs comes the equally distressing news that 25 year old Grace & Wild production and post company also laid off the bulk of its staff on Friday.
Co-owner Harvey Grace terminated the estimated 80 people by Email. He also issued an Email stating that despite rumors, the company was not closing.
Grace said the company was switching to a new freelance model to handle spot and movie business.
CEO Allan Rothfeder said the company was forced to "dramatically scale back operations and staff due to adverse economic conditions and reduced demand in today's ever-changing marketplace."
The slashing of Michigan's top-tier film incentives was cited as one reason for Grace & Wild's business woes. The company had written $1.5 million annually as a result of incentives-driven business, which offset some of the income lost from declining advertising revenues, Crain's Detroit reported.
Co-owner Steve Wild also co-owns a rival company
Grace and Wild co-owners Harvey Grace and Steve Wild
Grace & Wild's ownership has been fractured for quite some time, after co-owner Steve Wild, who had served as president, left the company, although he continues to own half-interest in Grace & Wild.
Wild co-owns rival integrated media studio RingSide Creative with Chicago's Tim McGuire, CEO and owner of Cutters.
RingSide presently employs many of Grace & Wild's former key people.
Grace & Wild is an old-line Greater Detroit company that began as an audio/video company that was acquired by 20th Century Fox in 1978.
In 1982, Fox and CBS joint-ventured in CBS/Fox Video Co. and in 1984, Wild and investor Harvey Grace formed their company, which acquired the CBS/Fox joint venture and the Farmington Hills facility as spinoffs.
Grace & Wild owns a production studio, Postique and STS-Griot post houses.
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