Chelsea Art Museum To Close To Avoid Foreclosure

NY1 08/17/2010 16:08

Chelsea Art Museum To Close To Avoid Foreclosure - USA - New York - NYC - museum - Real Estate

The struggling economy is forcing the Chelsea Art Museum to shut its doors for the rest of August to avoid foreclosure.

The company that owns the museum on 22nd Street filed for Chapter 11 Bankruptcy protection earlier in the month.

The space features works from foreign artists who have not had much exposure in the United States.

A lawyer for the museum's president tells the Wall Street Journal that she is in discussions with various parties to restructure its finances.

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