The Metropolitan Museum of Art announced plans Thursday for a two-year financial restructuring that is likely to include job and programming reductions and a slowdown on construction of a new wing, reports The New York Times. Met officials said the museum’s budget deficit has grown to $10 million this year and could quadruple in 18 months without belt-tightening moves.
The museum, which recently opened its new Met Breuer space in the former Whitney Museum building and has embarked on a $600 million expansion, said slipping retail revenue, rising salaries, and debt service on bonds for capital projects are straining finances. Along with possible job cuts — Met President Daniel Weiss said, "It's not hundreds, it’s dozens” — the museum will freeze hiring and request voluntary buyouts.
In another article, the Times looks at the different financial trajectories of the Met and the Museum of Modern Art, which on Thursday celebrated a $100 million donation from entertainment mogul David Geffen.