Founded in 1943 and launched on Feb 21, 1944 with Puccini’s Tosca, the New York City Opera announced on Oct. 1st 2013 that it would immediately file for Chapter 11 bankruptcy.
This venerable institution, which NYC Mayor Fiorella La Guardia once dubbed the “People’s opera”, moved to Lincoln Center in 1966. At its peak, it presented up to 16 operas and 130 performances in a season. George Steel’s (General Manager) recent decision to move the NYCO out of its historical premises has been subject to high controversy and accused of having precipitated the decline of the company.
NYCO’s situation has deteriorated rapidly since 2008, the endowment fund dropping from $48 million downto $4.5 million. The paycut of more than 80% taken by the orchestra and chorus members did not suffice to redress the situation.
Tino Gagliardi, President of AFM local 802, said:
“As the musicians of the New York City Opera have long feared, NYCO management’s reckless decisions to move the New York City Opera out of its newly renovated home at Lincoln Center, slash the season schedule and abandon an accessible repertoire have predictably resulted in financial disaster for the company.
Despite disagreement with this strategy, the devoted musicians made great sacrifices in wages and benefits to keep the Opera afloat. Lamentably, due to egregious mismanagement and a paucity of vision, instead of reaping the benefits of a strengthening economy, this most storied of cultural institutions now lies in ruin.”