The historic 5th Avenue Theatre announced Friday it will eliminate about 14 staff positions and pause some education programs due to a major budget shortfall.
Cuts will reduce the nonprofit’s staff from 55 employees to about 41 and will affect many departments, including marketing, box office, and other operations, according to The Seattle Times.
The theater is facing a $7.5 million deficit that has accumulated since the COVID-19 pandemic. Leaders said rising production and operating costs, combined with a steep decline in subscription revenue, have strained the organization’s finances and forced it to dip into cash reserves.
Pandemic losses, rising costs strain theater finances
Executive and Artistic Director Bill Berry said the theater is launching a “stabilization and capitalization” fundraising campaign to raise $12 million over the next three years. The immediate goal is to secure $6 million and begin reducing the deficit within six months…