Kennedy Center could close as early as Tuesday, warns of bankruptcy, documents show
Documents say the center faces a possible payroll crunch and a $23 million deficit after spending cuts and falling ticket sales.
- The Kennedy Center board of trustees, chaired by President Donald Trump, meets tomorrow to vote on closing the main building in Washington due to financial and physical crises outlined in a 57-page packet distributed to trustees.
- Trump installed himself as chairman shortly after beginning his second term, overseeing a period where the center collected only $124 million of its $220 million budget, leaving a roughly $23 million deficit.
- Beyond financial shortfalls, the building suffered structural damage when a "roughly four-by-five-foot section of ceiling plaster broke loose in the Grand Foyer and fell about 60 feet" earlier this month, while ticket sales plummeted to their lowest levels since the Covid pandemic.
- Trustees are considering 10 text options to place on the building's exterior crediting Trump with renovation, as an anonymous spokesperson stated adding his name is "crucial to raising additional funds for the Center's renovation."
- Officials warn the institution "could be unable to make payroll or pay routine maintenance contracts" within weeks, as leaders argue the center faces imminent "certain fiscal collapse" without immediate action.
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12 Articles
The leaders of the Kennedy Center in Washington believe that the famous institution, controlled by Donald Trump's relatives, is on the brink of bankruptcy and may have to close its main building as early as Tuesday, according to a Washington Post article released on Sunday.
Kennedy Center on brink of bankruptcy, could close as early as Tuesday, Washington Post reports
Sept 13 (Reuters) - Leaders of the John F. Kennedy Center for the Performing Arts say it is on the brink of bankruptcy and could close as early as Tuesday, the Washington Post reported on Sunday. The leaders, installed by U.S. President Donald...
Kennedy Center Could Close as Early as Tuesday
“Leaders of the John F. Kennedy Center for the Performing Arts, installed by President Donald Trump, say the center is on the brink of bankruptcy and argue that putting the president’s name on its facade — and thus ensuring his fundraising efforts — may be the only way to avoid imminent and ‘certain fiscal collapse,'” […]
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