FOR IMMEDIATE RELEASE
CONTACT:Â Â Â Carol LaRosa
NORTH SHORE MUSIC THEATRE UNABLE TO RAISE FUNDS NEEDED FOR NEW BUSINESS MODEL AND UPCOMING SEASON
(June 16, 2009, Beverly, MA) Â– 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.”