Facing financial woes, Colonial Williamsburg to restructureBreaking News
tags: Colonial Williamsburg
The foundation that operates the eastern Virginia attraction is in final negotiations with four companies that will manage its golf operations, retail stores, much of its maintenance and facilities operations and its commercial real estate, President and CEO Mitchell Reiss said.
"For a variety of reasons - business decisions made in years past, less American history being taught in schools, changing times and tastes that cause us to attract half the visitors we did 30 years ago - the Foundation loses significant amounts of money every year," he wrote in a letter shared publicly.
The foundation's operating losses last year totaled $54 million, or $148,000 per day. It also borrowed heavily to improve its hospitality facilities and visitors center and ended 2016 with more than $300 million in debt, Reiss said.
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