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YMCA of Metropolitan Milwaukee files for Chapter 11 bankruptcy

MILWAUKEE -- The YMCA of Metropolitan Milwaukee has filed for Chapter 11 bankruptcy protection after amassing $29 million in debt. As part of the filing the YMCA of Metropolitan Milwaukee is selling off most of it suburban properties, and refocusing on serving Milwaukee.


In a release, the YMCA of Metropolitan Milwaukee attributes their current financial condition to the recession, intensified competition, millions in deferred maintenance, declining membership, and declining contributions. The YMCA of Metropolitan Milwaukee began staff layoffs, freezing salaries and benefits and eliminating programs in an attempt to hold off bankruptcy filings.


According to the YMCA of Metropolitan Milwaukee, without a drastic restructuring the company would become insolvent by the fall. They YMCA of Metropolitan Milwaukee is selling the West Suburban YMCA, Tri-County YMCA and Southwest YMCA to the YMCA of Central Wisconsin. They are also selling the Feith Family Ozaukee YMCA to the Kettle Moraine YMCA. 


As part of their restructuring plan, the YMCA of Metropolitan Milwaukee is looking to sell its downtown location, and  move to a leased space. The restructuring plan also calls for the sale of the Young Leaders Academy to Milwaukee College Prep.


The YMCA of Metropolitan Milwaukee is also looking to shed both the South Shore YMCA and Camp Matawa.


 

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