Financial state result of administration’s failure to watch cash flow
By James L. Stroud, Jr.
Penumbra Theatre Company (PTC), one of the nation’s largest African American theaters, has suspended its programming for the year. This decision is due to a cash-flow challenge, which prompted PTC to lay off six of its 16 full-time employees. In a surprising twist to it all, PTC’s Lou Bellamy, who is known for being the founder, will be replaced as artistic director. However, according to reports, his successor will not be announced until close to the spring of 2013, when the theater will resume production. PTC was founded by Bellamy in 1976. Continue Reading →