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On Monday morning, London-based communications firm Science Magic Inc. terminated its staff, effective immediately, after informing them the company would shut down, according to multiple sources.
In a statement to BoF, Science Magic Inc. confirmed the shuttering, saying the company had gone into voluntary liquidation. “As with so many businesses, securing investment in the current economic environment, the increasingly vulnerable global economic and political landscape, current market conditions, sector challenges and increasing business costs all contributed to the decision taken by its directors to liquidate the business,” the statement read.
Formerly known as The Communications Store, the company represented clients such as Versace, Canada Goose and Max Mara, and was led by chief executive David Pemsel, who also serves as chairman of the British Fashion Council, and Julietta Dexter, who founded The Communications Store in 1995.
The news comes amid turbulence and consolidation in the public relations sector, which has seen the closure of some smaller firms, increased M&A and the formation of communications supergroups such as The Independents and The Lede Company.
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