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Kennedy Center Nears Bankruptcy, Could Shut Down This Week
(MENAFN) The Kennedy Center for the Performing Arts in Washington, DC, is teetering on the edge of financial collapse and may be forced to close its doors as early as this week, US media reported Sunday.
Financial records obtained by The Washington Post suggest the storied institution — one of the capital's most recognizable landmarks — is approaching insolvency. According to the report, officials recently installed by President Donald Trump warned that the cash-strapped center could shut down within days and floated an unusual remedy: attaching Trump's name to the building as potentially "the only way to avoid bankruptcy."
Those officials argued that formally honoring Trump could spur him to accelerate fundraising on the center's behalf, offering a possible lifeline for the struggling institution.
A 57-page report circulated to the board of trustees last Tuesday laid out a grim financial outlook. Center officials warned that without swift intervention, they may be unable to cover staff salaries or routine maintenance contracts "within a few weeks."
Their pitch: publicly recognizing Trump could unlock his help in raising the funds needed to keep the center operating.
The financial crisis follows months of turmoil. Trump first floated shuttering the center for two years back in February, arguing that an empty building would speed up renovation work. The board of trustees signed off on that plan in March — but in May, US District Judge Christopher Cooper blocked the closure, finding that the board had acted on incomplete information and failed to properly weigh the fallout.
Given a chance to revisit the decision after a fuller review, the board met again on Aug. 13 and approved a two-year closure tied to a roughly $250 million renovation effort.
Trump also pushed in May to rebrand the venue as the "Trump Kennedy Center," but that effort was also blocked by Judge Cooper, who ruled that "only Congress can change the name of the center."
Financial records obtained by The Washington Post suggest the storied institution — one of the capital's most recognizable landmarks — is approaching insolvency. According to the report, officials recently installed by President Donald Trump warned that the cash-strapped center could shut down within days and floated an unusual remedy: attaching Trump's name to the building as potentially "the only way to avoid bankruptcy."
Those officials argued that formally honoring Trump could spur him to accelerate fundraising on the center's behalf, offering a possible lifeline for the struggling institution.
A 57-page report circulated to the board of trustees last Tuesday laid out a grim financial outlook. Center officials warned that without swift intervention, they may be unable to cover staff salaries or routine maintenance contracts "within a few weeks."
Their pitch: publicly recognizing Trump could unlock his help in raising the funds needed to keep the center operating.
The financial crisis follows months of turmoil. Trump first floated shuttering the center for two years back in February, arguing that an empty building would speed up renovation work. The board of trustees signed off on that plan in March — but in May, US District Judge Christopher Cooper blocked the closure, finding that the board had acted on incomplete information and failed to properly weigh the fallout.
Given a chance to revisit the decision after a fuller review, the board met again on Aug. 13 and approved a two-year closure tied to a roughly $250 million renovation effort.
Trump also pushed in May to rebrand the venue as the "Trump Kennedy Center," but that effort was also blocked by Judge Cooper, who ruled that "only Congress can change the name of the center."
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