North Shore Music Theatre (NSMT) officials announced today that the financially distressed theater has failed to raise $2 million in philanthropic commitments to fund a new business model and launch a 2009 season. Although more than $500,000 in pledges have been made since the theater announced a turn-around strategy in mid April, officials of the theater say that time has run out to raise the balance and move forward with its plans.
"In the last two months we have been able to make progress toward our fundraising goal, but sadly, this is not enough to fund a 2009 season and keep the theater open," said David Fellows, NSMT Board Chair. "Without a season this year, we are unable to address the substantial debts of our creditors and restore the theater's economic health."
NSMT's debts include large mortgages on its property and buildings and debts to vendors, the State of Massachusetts, and subscribers who paid in advance for the 2009 season. Theater officials are in discussions with its senior creditor and are reviewing the options available for liquidating and maximizing the value of the theater's assets for its stakeholders, as well as identifying potential buyers of the property who might consider a lease back of the theater.
"Our new business model represents a road map for any group interested in reviving the theater in the future," said Fellows. "We are grateful to our loyal supporters and urge all who care about musical theater and arts education on the North Shore to support any effort that would preserve this cultural resource for future generations."
In December of 2008, NSMT announced that without immediate philanthropic support it would close its doors after 55 years of providing performing arts and educational programming to millions. Faced with the reality of the current economic crisis, 57 employees were let go.
Operating since 1955, NSMT has evolved into the largest non-profit producing theater in New England, with approximately 350,000 patrons annually. NSMT has gained a national and regional reputation for artistic achievement, specifically in the areas of developing new works and providing outstanding theater arts and education programs. NSMT has received numerous industry awards including IRNE Awards, the Elliot Norton Award, the Rosetta Le Noire Award from Actors' Equity, and the Moss Hart Award. NSMT annually produces a six musical subscription series and an acclaimed concert series. With its celebrated Theater for Young Audiences program, a school touring program, and year-round classes for children, NSMT has become one of the region's leading providers of theater arts and education.
For more information, visit
www.nsmt.org.
