Brooklyn Philharmonic on Track Towards Bankruptcy

Brooklyn Philharmonic may soon be heading for bankruptcy.

Tthe orchestra, founded in 1857, "is seeking ways to keep the doors open, such as finding a major cash infusion or a merger partner to avoid having to file for bankruptcy," sources told Crain's Business.

Currently, the Brooklyn Phil has no staff and no current season planned - its final concert was performed in June.

"Despite the Brooklyn Philharmonic's tremendous artistic successes over the last couple of years, the orchestra continues to experience financial difficulties. The board of directors is considering all options," said Jack Rainey, the Brooklyn Phil's Board Chairman in a statement to the publication.

The issues have arisen, as they have for many other companies throughout the country, due to the recession, and audiences' trend to skip classical music events.

For Crain's entire report, click here.

When the first conductor stepped to the podium in Brooklyn in 1857 to launch the Brooklyn Philharmonic, Bizet, Wagner and Berlioz were the strident young voices of new music. De Tocqueville had just departed Brooklyn to warn our European cousins about the mad democratic experiment he'd witnessed in America. Abraham Lincoln's wife hurried to attend the Philharmonic's first concert in Brooklyn's newest music hall. And the people of Brooklyn were, as always, defining what it means to really live in our country.

Now 155 years later, the Brooklyn Phil is not only one of the oldest living orchestras in the New World, but with 174 world premieres under its belt, 72 works commissioned from living composers, and the accolades of 22 ASCAP awards, it's also one of the most adventurous and widely acclaimed musical forces in America as well. The New York Times calls it "feisty and provocative." Rolling Stone raves the Brooklyn Phil is "vital" and "inspired."

The Brooklyn Phil's mission is to present outstanding programs that serve and celebrate the diverse and ever-changing cultural fabric of Brooklyn and greater New York City. As a nationally recognized symphony orchestra dedicated to innovation, artistic collaboration, arts education and engaging audiences, the Brooklyn Phil substantially contributes to Brooklyn's vibrant music scene and provides musical experiences for people of all ages.