PR firm says clients’ bankruptcies caused its bankruptcy

Comprise has its headquarters in Boulder and an office in Denver. (LinkedIn)

A public relations firm with a headquarters in Boulder and office in Denver has filed for bankruptcy and plans to lay off a small number of employees as it reorganizes.

Comprise, which was formerly called MAPRagency, filed for Chapter 11 on March 4.

“In just the last few months, we were hit with several hundred thousand dollars in unrecoverable debt — including three clients who declared bankruptcy,” said founder Doyle Albee.

“This represented a substantial percentage of our revenue, and it became clear that additional financing was not a viable long-term solution,” Comprise’s owner explained.

Doyle Albee (LinkedIn)

The company has less than $100,000 in assets and more than $1 million in debts, including $900,000 to the U.S. Small Business Administration and $150,000 to Alpine Bank. A half-dozen employees of the firm are owed a total of $156,000 in pay, according to Comprise.

“We are finalizing our staffing this week and will trim a handful of positions (less than 10). We’re not planning on closing any offices,” Albee told BusinessDen by email last week.

The firm was founded in 1991 with a focus on the tech industry. Albee had been a spokesman for Coors and worked at other public relations firms before starting his own. He said the unfortunate step of Chapter 11 will grant Comprise the ability to stay in business.

“While not an easy decision, this process allows us to reorganize and continue to serve our clients by providing the same award-winning work they’ve come to expect,” he said.