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LEXINGTON, Ky. (WKYT) – Meridian-Chiles -- one of Lexington's largest advertising agencies -- shut it doors and filed for bankruptcy Wednesday.
In its chapter seven filing with the United States Bankruptcy Court, the company said it owes creditors more than $5.1 million. Nearly half of the outstanding debt was to Central Bank.
Meridian-Chiles was the creative force behind numerous marketing and advertising campaigns for Bluegrass businesses. On its website, Meridian-Chiles said it worked in marketing for retail, automotive, political campaigns, and banking and financial services.
Larry Chiles and Jim Jordan founded the company, which was originally known as Jordan-Chiles, in 1988. Chiles bought Jordan out in 2006.
In a 2012 merger with Meridian Communications, the company's name changed to Meridian-Chiles.
Numerous media outlets in the Lexington and Louisville area, including WKYT, are also among the companies owed money.