Current Financial Situation
Regardless of continued recent critical acclaim of the Playhouse, and despite its steadily popular and ambitious season schedules, the theater had a history of financial difficulties since its reopening in the 1980s. Saddled with millions of dollars worth of debt from earlier unforeseen expenditures during the theater's restoration, the Playhouse's operators struggled with balancing interest and loan repayments with increasing running costs.
On January 29, 2010, the Los Angeles Times announced that, due to financial difficulties, the theater would close on February 7 after its run of the musical Camelot and cancel the remaining 2010 season. On May 11, 2010, the Pasadena Playhouse filed for Chapter 11 bankruptcy protection and announced an intention to restructure its operations to reduce its debt burden.
After less than four months, on July 7, 2010, it emerged from bankruptcy after a multi-million dollar anonymous matching fund contribution toward operating costs and judicially approved debt cancellation. The Pasadena Playhouse also reduced paid staff to essential upper level administration, keeping the Artistic Director Sheldon Epps as coordinator for the rest of the planned consolidation. Director Epps announced through an interview with the LA Times that the shake-up is intended to put the theater back on solid financial footing and ensure the Playhouse's survival into the future. The Playhouse released a tentative Fall/Winter season schedule including one new production of Dangerous Beauty slated for January 2011. Plans for a new extension and 400 seat venue designed pro bono by Frank Gehry that was announced in 2007 were not confirmed to be moving forward despite its possibility as a revenue stream and the strong donation campaign already in place for its construction.
Under the guidance of Epps, the Pasadena Playhouse intends to continue events slowly with a reduced operating schedule and has already announced a new fundraising campaign. The Playhouse operates under a nonprofit, LORT-B designated regional theatre status. While traditionally it produced six plays annually on its mainstage, under the new guidelines the season will go through a possible reduction to under 4 productions into the foreseeable future. A majority of the subscribers donated the rest of their season back to the theater rather than requesting refunds, recusing the theater of over a million dollars in possible financial liability. Epps has said that as the debt burden is lifted these steps will allow the theater to carefully and responsibly rebuild the company.
On April 1, 2011 the Playhouse will be holding a "Premiere Gala: Opening Night" to celebrate its newfound financial solvency and announce next year's productions. The theater has raised over $100,000 dollars from corporate sponsors to host the event that will proceed after the final showing of the new musical Dangerous Beauty.
Read more about this topic: Pasadena Playhouse
Famous quotes containing the words current, financial and/or situation:
“The current flows fast and furious. It issues in a spate of words from the loudspeakers and the politicians. Every day they tell us that we are a free people fighting to defend freedom. That is the current that has whirled the young airman up into the sky and keeps him circulating there among the clouds. Down here, with a roof to cover us and a gasmask handy, it is our business to puncture gasbags and discover the seeds of truth.”
—Virginia Woolf (1882–1941)
“Creditor. One of a tribe of savages dwelling beyond the Financial Straits and dreaded for their desolating incursions.”
—Ambrose Bierce (1842–1914)
“A point has been reached where the peoples of the Americas must take cognizance of growing ill-will, of marked trends toward aggression, of increasing armaments, of shortening tempers—a situation which has in it many of the elements that lead to the tragedy of general war.... Peace is threatened by those who seek selfish power.”
—Franklin D. Roosevelt (1882–1945)