Metropolitan Museum of Art Prepares for $100 Million Loss and Expected Closure Until July

The New York Times has reported that due to the ongoing health crisis, the Metropolitan Museum of Art is projecting a total shortfall of close to $100 million for the near future and expects to be closed until July,

Read the full story HERE.

"This is an extraordinarily challenging time for us all," said a letter sent to the department heads, signed by the Met's top executives, Daniel H. Weiss, the president and chief executive, and Max Hollein, the director. "As staff members of The Met we all have a profound responsibility to protect and preserve the treasured institution we inherited."

The Met has developed a three-phase response: having all staff members work from home and continue to be paid through April 4, from April to July, evaluating how to control spending and reduce operating costs; and from July to October, "reopening with a reduced program and lower cost structure that anticipates lower attendance for at least the next year due to reduced global and domestic tourism and spending," according to the letter.

Check out the full story HERE.