New York City Opera to close after 70 years
NEW YORK (AFP) - The New York City Opera said on Tuesday it would close and file for bankruptcy after 70 years, having failed to secure desperately needed millions through an emergency fund-raising appeal.
The second opera company in the city considered the cultural capital of the United States opened in 1944 and had set out to make the art more accessible and affordable to the masses.
But the deadline on an emergency appeal expired at midnight Monday with the company collecting only US$2 million (S$2.5 million) of the US$7 million it needed to keep its doors open.
"New York City Opera did not achieve the goal of its emergency appeal," spokesman Risa Heller said in a statement. "Today, the board and management will begin the necessary financial and operational steps to wind down the company including initiating the Chapter 11 process," she added.