Metropolitan Museum of Art announces financial restructuring plan to address $10 million deficit

The Metropolitan Museum of Art in New York has announced a financial restructuring plan to address a $10 million deficit, with the goal of preventing the debt from reaching $40 million. The plan, to be implemented over the next 24 months, includes staff reductions, a scaled-back exhibition program, project suspensions, and efforts to maximize revenue streams. Digital services spending will also be cut. The museum, one of the largest cultural institutions in the city, employs around 2,200 staff and has an operating budget of $300 million. Despite attracting over 6 million visitors in 2015, costs have outpaced revenue, with the deficit growing from $3.5 million in 2014 to $7.7 million in 2015. The museum has frozen hiring and is offering voluntary retirement packages, with dozens of layoffs expected. The plan is overseen by president Daniel H. Weiss and director Thomas P. Campbell.