In this economy, many people and businesses are struggling to stay afloat. When it comes to businesses filing for bankruptcy, it’s common for the public to sense that a closing is looming for the company.
That is why a recent chapter 7 bankruptcy announcement in South Florida has caught so many in the community off guard. People didn’t see it coming that Florida Stage, having been running for nearly 25 years, is closing its door due to excessive debt.
According to the Miami Herald, the beloved theater company filed for chapter 7 bankruptcy protection on Monday. The business reportedly has an estimated $1.5 million worth of debt that, in the current economy, it just couldn’t recoup. Likely due to individuals’ budget restraints, the theater couldn’t sell as many season subscriptions as it used to.
Florida Stage’s bankruptcy shocker not only leaves theater lovers in Florida and across the country mourning the loss of a theater that gave opportunity to new writers and shows. Sure, that loss alone is enough to warrant heartbreak, but it is also fear that overtakes the hearts of many arts enthusiasts.
During rough financial times, of course things have to be sacrificed. Budget cuts need to be made, within families and governments. But that reality doesn’t lessen the pain that the theater community is feeling in the midst of losing great creative places like Florida Stage. It’s in times of hardship when creative outlets can be most valuable in fostering hope and happiness.
Source
Miami Herald: “Financial woes bring curtain down at Florida Stage,” Christine Dolen, 6 Jun. 2011