NSMT on the edge of collapse

This press release speaks for itself:
December 29, 2008

NORTH SHORE MUSIC THEATRE
ON VERGE OF CLOSING ITS DOORS,
LOOKS TO PUBLIC FOR SUPPORT
(Beverly, MA) – The not-for-profit North Shore Music Theatre (NSMT), faced with reality of the current economic crisis, announced today that without immediate philanthropic support it will close its doors after 55 years of providing performing arts and educational programming to millions. The Theatre's leadership is urging the public to show its support by purchasing tickets to the remaining 13 performances of Disney High School Musical 2, which runs through January 11th. Additionally, philanthropic gifts can be made via the Theatre's secure website at www.NSMT.org or through the Box Office at 978-232-7200.

Effects of the crumpling economy, lower than expected donations and ticket sales all season long have left the theatre unable to cover its operating costs – a national decade-long trend that is impacting theaters across the country. Further compounding the problem is debt that resulted from a devastating fire in 2005 that forced the theatre to make a major investment in its facilities.

The theatre entered 2008 with a balanced budget that trimmed $1 million in expenses, but its projected revenue from tickets sales has fallen critically short of the goal. Over the last several months, the theatre's leadership has been focused on devising strategies that would keep the theatre alive and well, including the development of a new business model for the performance season, a possible land sale, and philanthropic outreach. Despite efforts by NSMT to reduce operating expenses and streamline business practices over the last several years, the severity and speed of the economic downturn has outpaced the theatre's ability to restore its economic health. Employees have been notified of lay offs effective January 11, 2009, when the theatre ends its performance season.

"We had been making solid progress on all fronts, however, with the economic situation so dire, we've run out of time," says David Fellows, Chairman of NSMT's Board. "To keep the doors open, we need an immediate infusion of nearly a half-million dollars by the end of January and overall support of as much as $4 million by late spring to secure programming for next season. We are hopeful that our friends and supporters can help save this phenomenal cultural resource and we are appealing for widespread support."

"Our non-profit cultural organizations belong to the public," adds Anita Walker, executive director of the Massachusetts Cultural Council. "It is our collective responsibility to support them, buying tickets, making contributions, volunteering. Institutions like North Shore Music Theater enrich our lives. They enthrall and inspire our children. They contribute to the local economy. They make each community a better place to live."

Currently, the theatre is in the midst of its final performance of the season, Disney High School Musical 2. Despite the blockbuster success of last year's showing of Disney High School Musical, ticket sales for the sequel have been far lower than expected, selling at about the same rate as last year's A Christmas Carol. However, if between now and the last performance, every seat is sold, NSMT would have an additional $400,000 in revenue – enough to continue operations while additional fundraising efforts are employed.

"We need our collective community to come together in support of this theatre," says Barry Ivan, NSMT's Artistic Director and Executive Producer. "We're appealing to the public to help us keep this artistic jewel alive. Every dollar contributed would be an investment in our ability to carry out the financial and creative strategies we believe will ensure the theatre's future."

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.

Comments

[Georgia]

I am so dissapointed in the way NSMT has handled this chrisis. I renewed my subscription in good faith. It's too bad that this situation couldn't have been handled honestly. I'm sure when I renewed, the financial situation was known to the company. If I had been told at the time, I would have donated the money. This is such a sad day. I feel sorry for everyone involved.

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