Italian agency Grazia Neri in liquidation (update)
Grazia Neri Agency, one of the most prestigious Italian photo agencies, has been forced to enter into liquidation because of the 'extreme editorial and advertising crisis,' BJP has learnt
'After 42 years of excellence and integrity in the world of italian and international photography and photojournalism, Grazia Neri Agency is now compelled to enter into liquidation,' writes executive director Michele Neri in a letter seen by BJP. 'The extreme editorial and advertising crisis that has started in the second half of 2008 and has exploded in 2009 has brought the agency to a severe financial crisis, with a decrease in sales of nearly 40%.'
Neri adds that the crisis of the italian editorial market is so grave that there is little hope of a recovery in the short or medium term.
In the past year, the agency has cut its staff from 31 to 18, and has 'consumed all the financial reserves accumulated in the past,' according to Neri. 'In the last months and to the last moment we have looked for a suitable strategic partner but with no success.'
'In this situation, with a huge grief for our history, for the employees, the sales team, the international and italian photographers, agents and friends, for all the splendid human experiences of years, regretting the loss of an important cultural role, Grazia Neri Agency has decided to terminate its activities,' he continues. 'In the next months the Agency will continue its operations only to accomplish ongoing projects, tasks and activities which are necessary to the liquidation.'
Grazia Neri was funded in 1966 and quickly became the reference for Italian newspapers and magazines. The agency represents, in the Italian market, photographers such as Tim Hetherington, Pablo Carrera and Mike Goldwater.
Grazia Neri's closure comes a few weeks after another legendary agency faced an uncertain future. Gamma, based in France, has had to reorganise. However, the management's proposal of making redundant 32 employees including the agency's last 14 photographers has been rejected on 16 September.
Read our full report on Gamma's financial situation here.
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