Famed New York City Opera Company Files Bankruptcy, Closes Doors

New York City Opera closed its doors on Tuesday

   

Famed New York City Opera Company Files Bankruptcy, Closes Doors

New York City Opera, founded in 1943, closed its doors on Tuesday as it prepares to file for Chapter 11 bankruptcy.

The company is expected to file for bankruptcy on Wednesday. The decision to close the opera comes after years of financial troubles, the opera shrinking its season in 2011 and moving from its Lincoln Center home. The company’s financial problems came to light in August when it had trouble collecting enough money for its share of Anna Nicole. It came up with the $1.3 million and announced that it would be preforming an emergency fundraiser. The fundraiser’s goal was $7 million by the end of September, but the opera didn’t raise it. The opera has cancelled the remainder of its shows for this season, which leaves around 3,500 people with cancelled tickets. The company hopes to get permission to refund those with cancelled tickets when it files for bankruptcy, reports The Wall Street Journal.

“NYCO management’s reckless decisions to move the New York City Opera out of its newly renovated home at Lincoln Center, slash the season schedule and abandon an accessible repertoire have predictably resulted in financial disaster for the company,” Tino Gagliardi, president of Local 802 of the American Federation of Musicians, told The Washington Post.


Article printed from InvestorPlace Media, http://investorplace.com/2013/10/famed-new-york-city-opera-company-files-bankruptcy-closes-doors/.

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