This afternoon, a tipster told us the the New York office of Minneapolis-based Fallon Worldwide would be closing and the New York Time wasn't far behind reporting the news. The two principals of the agency, Anne Bologna and Ari Merkin are leaving to open their own shop and the 25 employees left behind are being offered jobs at the Minneapolis office and New York Publicis agencies. Two month ago, Fallon Chairman Pat Fallon was told by Bologna and Merkin they'd be going out on their own. Client transition plans are being discussed for the client roster that includes Brawny, SoBe, MPA, Starbucks, Time Magazine and Virgin Mobile. If any clients stay, a small New York office may remain open.