United States:
Metropolitan Museum Of Art Facing $10 Million Deficit
26 April 2016
Fox Rothschild LLP
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The New York Times recently reported that the Metropolitan Museum of Art
is facing a $10 million deficit and has planned a 24-month
financial restructuring, which will include staff and programming
reductions.
According to the museum, its current financial situation stems
from several factors, including a decline in retail revenue, an
increase in staff salaries, and the requirement that the museum pay
$8.5 million a year in debt service on $250 million in bonds issued
for capital infrastructure work. Visitors are also paying less to
visit the museum.
Museum officials expect the restructuring will restore financial
stability to the institution.
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