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Sad! Philadelphia Orchestra Files For Bankruptcy!

philadelphia orchestra files for bankruptcy

Hopefully they can figure something out!

The world-famous Philadelphia Orchestra has filed for Chapter 11 bankruptcy after running into tough times.

Here's what Board chairman Richard Worley had to say about the decision:

"We're running low on cash, we're running a deficit, and we have to put ourselves in a position to attract investment funds to help us."

And here's what chairman of the members committee John Koen had to say about it:

"It was a terrible letdown. I think this is a tragic decision for the orchestra."

"A big orchestra has never done this before. It's impossible for the musicians not to feel betrayed by the board of directors … It feels like a vote of no confidence for the future of this orchestra that's been around for 111 years and world famous for 99 of those years at least."

More from principal oboe Richard Woodhams:

"We're in a state of shock, really. I think it's a very, very sad day for culture in the United States and the world."

Many orchestra musicians are upset with this decision, and there is def animosity towards the management, following recent pay cut talks during contract negotiations.

We truly hope this doesn't mark the beginning of the end for the Philadelphia Orchestra.

Very, very sad.

[Image via WENN.]

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