Board cites large decline in audience, but musicians say move premature
(NEWSER) - The 111-year-old Philadelphia Orchestra is filing for Chapter 11 bankruptcy protection, citing a "tremendous decline" in audiences. The orchestra, made internationally famous by such great conductors as Stokowski and Ormandy, has $46 million in operating costs this year, but is expecting just $33 million in revenues, reports the AP . "I feel overwhelmed and horrified by the events of the past few days, and I cannot yet grasp what the consequences of today's vote will be," wrote chief conductor Charles Dutoit in a statement. More»
