High fashion ad agency Lipman, whose roots go back to 1927, closed suddenly Thursday leaving dozens of stunned employees out on the street, The Post learned.
A teary David Lipman, the agency’s chairman, who had been out this past week promoting his agency’s work on a new Kate Moss ad campaign for Stuart Weitzman thigh boots, broke the unfortunate news to his staff in an afternoon meeting Thursday at its Meatpacking District office, a source said.
Possible financial problems at Revolate, the agency’s parent run by 36-year-old Andrew Spellman, a former Goldman Sachs executive, led to Lipman’s demise, sources said.
Neither Lipman nor Spellman returned a call for comment.
The agency reception desk was not manned Thursday afternoon.
Meanwhile, outside its West 14th Street offices, a photographer showed up for a meeting at the agency.
“I just found out from my agent,” he said, asking not to be named. “I went there for a meeting, and there was nobody there. They just told everyone to pack their bags and go.”
A second person looking to talk to someone at Lipman, an angry collections agent for a modelling agency, said, “They’re crying wolf here, meanwhile they’re partying over there,” referring to the office of social media concern Archetype Me, another of Revolate’s investments.
“They’ve burned a lot of models and talent,” he said.
For Lipman, it appears to be a crushing end for an agency started by his family 86 years ago.
He worked on ads directed by actor James Franco and brought in high-fashion clients, including Dior, Fendi and 7 for All Mankind.
Sean Avery, the former NY Rangers star, was a partner in the agency.
Lipman recapitalized the company in 2011, selling his shares to a new entity controlled by investment vehicle Revolate — but retaining an equity stake, Spellman, of Newton, Mass., served as the agency’s CEO, and former Disney and HP marketing whiz Michael Mendenhall was its president and COO.
There were signs of trouble earlier this month, sources tell The Post, when Lipman closed the second-floor office of the multi-floor headquarters.
Lipman might not be the only Spellman investment with financial issues, sources said.
“He moved too fast, over extended himself and overpaid people,” one person familiar with Revolate said of Spellman.
Spellman, offering equity in the firm, lured Shauna Brook from her perch as chief marketing officer at jewelry brand David Yurman to the same position at Revolate about 16 months ago.
Spellman also persuaded Cristina Carlino, founder of the $1 billion beauty business, Philosophy, to join forces with Revolate to help launch Archetype Me.
Separately, Revolate and David Lipman are named in a lawsuit filed last month in Manhattan state court by JulyEight LLC, a photography firm, seeking $68,796 in unpaid fees.
A second unrelated lawsuit, filed by sports agency Raptor against Spellman, was settled in March.
Terms of the lawsuit could not be learned.