Last week, we reported on the ongoing financial troubles at the Chelsea Art Museum. Though it had managed to stay afloat since its first major money crisis back at the start of 2008, a breaking point, at least a temporary one, has apparently been reached. The museum has announced that it will be closed for the rest of the month while it tries to assemble a plan to avoid foreclosure and being shuttered for good. Here’s a bit from the Wall Street Journal‘s report on the news:
It is not clear whether the closure is directly related to the bankruptcy filing or to [museum owner/founder Dorothea Keeser]‘s debt restructuring talks with her creditor, Hudson Realty Capital. The New York real-estate fund refinanced the building’s mortgage with an $11 million loan in 2008 and, with interest, is currently owed about $13 million.
…Two former employees said an August shutdown was not typical of the museum’s operations, and they added that the museum had previously scheduled shows during the second half of the month.