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STAMFORD, CT – August 22, 2008 – The Board of Directors of the Stamford Center for the Arts (SCA) has voted to restructure the 25-year-old institution to address growing financial shortfalls and to meet the changing needs of the Stamford community. The SCA Board has been reviewing the organization’s finances over the past several months and has concluded that the existing debt combined with the limited operating capital available to present and produce shows require a new operating structure. A voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code has been filed today in the United States Bankruptcy Court for the District of Connecticut to help SCA move forward and rebuild a successful performing arts center. “We see this as an opportunity and an important step in building a revitalized SCA,” stated Michael L. Widland, Chairman of the SCA Board. “Shortfalls in anticipated program revenues along with reduced State support have resulted in a financial situation whereby SCA cannot continue under its current structure. With the time frames and opportunities provided under Chapter 11, we intend to move forward with a comprehensive reorganization to diversify our revenue streams and programming while rebuilding community and government support. Of course, The Rich Forum and The Palace Theatre will remain open and operating during development of this new business plan.” The SCA’s short-term plan allows the two facilities to operate while the new long-term business plan is developed. During this time SCA will employ a minimal staff who will work with outside promoters, other regional and local arts organizations, and civic groups to continue to bring a season of cultural and entertainment programs to downtown Stamford. Shows such as The Indigo Girls remain on the schedule. Other shows booked with outside agencies this season include Roberta Flack (a benefit for Stamford Education 4 Autism), Bob Woodward (a benefit for Visiting Nurse Home Care), Suzanne Vega, Brian Regan, Ailey II (a benefit for the Yerwood Center), Lisa Williams, Lisa Lampinelli, Jesus Christ Superstar, and perennial favorites like Warren Miller’s ski adventure films along with performances by the Stamford Symphony Orchestra, Connecticut Grand Opera, Connecticut Ballet, the Young Artists Philharmonic, and the Namaskaar Foundation. While more shows are being added to the schedule every day, other shows previously announced by SCA will not be presented. Gift cards will be issued to ticket holders for cancelled performances for use at any other performances during the season. A full list of programs is available at www.scalive.org. “The Board and the Stamford community believe SCA is an important community resource as evidenced by continued support from many corners of the City,” said Mr. Widland. “Many corporations, foundations, and individuals have made substantial commitments. With this kind of support and the backing of the entire Stamford community, we will move forward to reorganize the company, make changes in our operations and programming, and develop sustainable revenue streams that will insure our ultimate success.” The Stamford Center for the Arts is dedicated to being the region’s premier center for the performing arts – creating, promoting, and presenting top caliber entertainment, educational and outreach programs, utilizing its facilities to enhance the quality and variety of life, and contributing to the economic development of the community. © Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar. Related Articles: New details of energy bill for Friday’s special session - Aug 19, 2008 - 4:48 PM Comprehensive energy assistance measures proposed for consideration - Aug 1, 2008 - 11:35 AM $84 million sale agreement saving Haven nursing homes - Jun 12, 2008 - 3:20 PM Department of Consumer Protection suggests spending rather than storing gift cards for future use - Jun 6, 2008 - 10:24 PM CURRENT HEADLINES: Top of Page
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