Kennedy Center warns of bankruptcy, possible closure this week: Report
The board says naming rights for President Donald Trump could help avert bankruptcy as ticket sales fall and payroll and maintenance bills loom.
- A 57-page internal report distributed to the Kennedy Center's board of trustees warns that the institution is on the brink of bankruptcy and could be forced to shut down operations within weeks.
- Projections show the center will collect only $124 million of its budgeted $220 million revenue for the fiscal year, leaving a $23 million deficit after spending cuts.
- Internal documents state that restoring President Donald Trump's name to the facade is the "only way to avoid bankruptcy," as it would allow Trump to lead a $250 million fundraising drive.
- The severe financial shortfall stems from massive artist boycotts, plummeting ticket sales, and canceled corporate sponsorships following the administration's takeover of the board.
- Beyond the budget crisis, board members are recommending an immediate closure of the main building due to acute safety hazards and major structural repair needs.
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132 Articles
According to documents obtained by the Washington Post, the board of directors of the Kennedy Center is to vote on Tuesday for a possible closure of the main building of this centre dedicated to performing arts.
The Independent
The Independent (US)Kennedy Center warns of financial collapse unless Trump’s name reinstated – reports
Performing arts venue embroiled in legal battle over President Donald Trump’s efforts to have his name added to its exterior ahead of planned closure to allow for costly renovations
The Kennedy Center in Washington, D.C., has been in political turmoil since its takeover by Donald Trump's team and is on the brink of a financial abyss. Confronted with the escape of artists and unpaid payments, the high...
Doc: Kennedy Center Could Close Soon In Bankruptcy
The Washington Post reports: 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 … The post Doc: Kennedy Center Could Close Soon In Bankruptcy appeared first on Joe.My.God..
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