Mass. Shakespearean theater needs $2.3M to survive

Associated Press
LENOX, Mass. – A nonprofit consultants' report says a Shakespearean theater in Massachusetts needs to raise $2.3 million to continue operations until next year. In the report released Tuesday, the Nonprofit Finance Fund said Shakespeare & Company in Lenox also needs to raise $8.15 million to restructure long-term debt.

Shakespeare & Company says it is creating a new business model and negotiating to restructure its debt. Last March, the theater company laid off seven employees and shifted others to part-time roles to cut costs. Year-round employees also took 10 percent pay cuts, and its founders gave up their salaries for two months.
The 32-year-old company says it's also working to "produce more plays with less money" at its three theaters.
http://news.yahoo.com/s/ap/20091013/ap_en_ot/us_shakespeare_theater_mass