CHICAGO (CBS) -- The celebrated Steppenwolf Theatre said it has it a rough financial patch and will be forced to lay off workers.
In a statement, Steppenwolf Theatre Company executive director Brooke Flanagan said the company has been "negatively impacted by a protracted post-pandemic economic recovery for our sector and the rising cost of inflation," and difficult decisions were required for a "sustainable future."
"We have decided to prioritize our continued investment in serving as an artistic home for our ensemble, a launching pad for new work, a partner to Chicago schools and teens, and a collaborative space for itinerant artists and companies," Flanagan wrote. "But to maintain these commitments, we need to diversify our revenue streams while also taking steps to reduce expenses. This unfortunately includes the hard decision to reduce our workforce by 12 percent. This will impact 13 current employees – our friends and coworkers – and eliminate seven open positions. We do this with a heavy heart."
The Steppenwolf Theatre was in 1974 by three friends – Jeff Perry, Terry Kinney, and Gary Sinise. The first production of the Steppenwolf Theatre Company was held in a Unitarian church on Half Day Road in Deerfield.
The Steppenwolf playhouse at 1650 N. Halsted St. in Lincoln Park was built in 1991.
John Malkovich, Joan Allen, and the late John Mahoney are among the most noted Steppenwolf alumni.
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