YMCA Of Greater Pittsburgh Files For Bankruptcy, Will Close Downtown Location In June
The YMCA of Greater Pittsburgh said it will close its Downtown location next month after filing for bankruptcy this week.
The Golden Triangle location at 236 Fifth Avenue is too expensive to maintain, president and CEO Kevin Bolding said. The operating costs exceed revenue, and is putting a strain on the 11 other branches.
"We realize this closing impacts our staff and members," Bolding said. "We plan to transition as many people as possible within our remaining network."
Bolding said there are 2,000 active members of the Downtown facility, about 20 percent of which use it as a second fitness center. The Y will communicate with members about how they can join another branch, he said.
Of the 100 staff members at this location, about 90 are part-time and work at other YMCA facilities, according to Bolding.
"I think there's lots of non-for-profits around the country that are struggling with hard decisions around how they manage assets and how they manage physical properties," he said. "As for YMCAs, there are some across the country that have had to face similar hard decisions as we're facing today."
Bolding said there won't be immediate changes to the Y's social programs for adults and children, as very few were offered at the Downtown location.
According to the bankruptcy filing, the YMCA estimates liabilities between $10 million and $50 million, and assets of $75 million, and closing the downtown facility will save between $750,000 and $1 million annually.