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Winter of Discontent Lifting At Shakespeare & Company

After a year of severe belt-tightening, Shakespeare & Company in western Massachusetts is breathing a sigh of relief over its financial future.

The financially challenged 30-year-old arts institution announced it will save about $250,000 in debt service restructuring its bank loan with principal lender Century Bank of Medford.

Shakespeare & Company spokesperson Jeremy Goodwin says while the organization's "winter of discontent" appears to be over, it's still a struggle.

"By no means have we suddenly entered Candyland or something," he says. "But the building blocks are in place now, this is the foundation upon which we can build our future out here on this property in Lenox."

Shakespeare & Company also announced an out-of-court settlement with Allegrone Construction of Pittsfield, the company that built the new Bernstein Center for the Performing Arts on its sprawling Berkshires campus.

Over the past two years, in the face of severe debt, Shakespeare & Company slashed its budget by more than $1 million. It also instituted a hiring freeze, cut positions, and enacted a 10 percent cut on all staff salaries.

But the company reports it issued more tickets than ever before, bringing in $1.13 million at the box office.

This program aired on May 24, 2010. The audio for this program is not available.

Andrea Shea Twitter Arts Reporter
Andrea Shea is WBUR's arts reporter.

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