The New York Times recently reported that the Metropolitan Museum of Art is facing a $10 million deficit and has planned a 24-month financial restructuring, which will include staff and programming reductions.
According to the museum, its current financial situation stems from several factors, including a decline in retail revenue, an increase in staff salaries, and the requirement that the museum pay $8.5 million a year in debt service on $250 million in bonds issued for capital infrastructure work. Visitors are also paying less to visit the museum.
Museum officials expect the restructuring will restore financial stability to the institution.
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