Pasadena Playhouse Releases Official Statement About Financial Reorganization
Pasadena Playhouse, the State Theater of California, has announced today it intends to explore viable options of financial reorganization, including bankruptcy, to determine a responsible solution for its ongoing operations.
"We firmly believe it would be irresponsible to continue to operate in the same financial patterns of the past," said Stephen Eich, Pasadena Playhouse Executive Director. "Out of respect to The Playhouse's venerable history, our loyal subscribers, and the many individuals, donors, businesses, government agencies, and others who have demonstrated their support for our efforts, we intend to meet this challenge head-on with strong fiscal oversight and transparency."
"Pasadena Playhouse is vital to our cultural community and for the state of California," said Michele Dedeaux Engemann, Pasadena Playhouse Board Chair. "In an effort to solve the financial realities of the theatre, the Board concurs that the difficult financial circumstances of The Playhouse require an aggressive recovery strategy. We wholeheartedly support this decision."
Despite aggressive efforts, including staff and budget cuts, Pasadena Playhouse has been unable to solve its financial predicament. The inability to identify a major donor to name the auditorium, the absence of significant corporate underwriting, and the economy have collectively contributed to this financial situation.
Pasadena Playhouse, the State Theater of California, was established in 1917. In recent years, The Playhouse has become instrumental in launching new works and landmark revivals for the American Theatre. The Playhouse has displayed a commitment to cultural and theatrical diversity, which is reflected in seasons featuring Tony and Pulitzer award-winning plays. Highlights since 2005 include the launch of the national tour of Purlie (with the Goodman Theatre), the world premiere of Sister Act the Musical (with the ALLIANCE THEATRE, which is now in its eighth month in the West End), the world premiere of Ray Charles Live! (scheduled to open on Broadway in 2010), and the world premiere of Looped starring Valerie Harper (scheduled to open on Broadway this Spring).
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