About Pallotta Teamworks: Shut Down (2002)

← Prev | 2 Of 4 | Next →

Pallotta TeamWorks went out of business suddenly in the summer of 2002, its most successful year ever.

In 2002 the company's events netted $81 million for charity after all expenses. This was an amount equal to half the annual giving of the Rockefeller Foundation. At the time the Breast Cancer 3-Day program was the company's largest fundraising event series. For five years the Avon Products Foundation had been the beneficiary of the events, which netted $194 million in unrestricted funds for the Foundation in just five years. In 2002 Avon informed Pallotta TeamWorks that it would no longer be associated with the company's events. Pallotta TeamWorks began negotiating with another charity to become the beneficiary of the events. During that period, Avon announced a nationwide series of multi-day breast cancer fundraising walks, each with a four-figure pledge minimum, in many of the same cities in which the 3-Days had been conducted and, in many cases, on very similar dates. As a result, the new charity with which Pallotta TeamWorks had been negotiating, fearing that the events would cannibalize one another, decided against partnering with Pallotta TeamWorks on the 3-Days. A few days after the news the company laid off its entire staff mationwide and closed the doors on its new headquarters.

Next →