MILWAUKEE, Jan. 13, 2015 /PRNewswire/ -- The YMCA of Metropolitan Milwaukee announced today that it will close the South Shore YMCA, located at 3244 E. College Ave. in Cudahy, effective January 31, 2015. All programming and center hours will continue as normally scheduled until that time.
As announced in June 2014, the YMCA of Metropolitan Milwaukee has been implementing a comprehensive restructuring plan designed to address its operating challenges, repay as much debt as possible and reposition the Milwaukee Y for the future. That plan called for the organization to establish a Milwaukee Y comprised of centers within (or very close to) the City of Milwaukee and sell off the majority of its owned real estate assets, including the South Shore Y, in order to pay down debt.
Since that time, the Milwaukee Y's leadership diligently sought a new operator for the South Shore Y, but no buyers have come forward with an offer. While the Milwaukee Y has a deep appreciation for the passion and involvement of the South Shore Y community, it simply is not possible for the organization to continue operations and make the required investments to address the extensive deferred maintenance at the center and make the improvements needed for it to compete long-term. When the center is closed on January 31, it is anticipated that the building and related assets will be placed into a bank trust administered by BMO Harris Bank (or its designee), as agreed to in the Milwaukee Y's plan of reorganization, which is to be considered by the Court on January 30. The bank trustee will have full authority and discretion to operate, lease, sell, assign or otherwise dispose of the South Shore facility or other trust assets.
"This was a very difficult decision, and one we didn't come to without exploring all other options," said Julie Tolan, president and chief executive officer of the YMCA of Metropolitan Milwaukee. "We are sincerely sorry for the impact this will have on our many loyal South Shore members and employees, and we pledge to work tirelessly over the next few weeks to ensure a smooth transition for all involved."
Current South Shore Y members have the option to transition to a different Milwaukee Y center by January 31. Employees who cannot be retained at other centers will be offered severance.
A hearing to approve the Milwaukee Y's complete restructuring plan has been scheduled for January 30. If the reorganization plan is approved by the Court, the Milwaukee Y will emerge from Chapter 11 smaller, debt free and better positioned to carry out its vision of a stronger, healthier Milwaukee where families of all incomes and backgrounds truly thrive. For more information about the Milwaukee Y's restructuring plan, please visit www.ymcamke.org/restructuring.
About the YMCA of Metropolitan Milwaukee
The YMCA of Metropolitan Milwaukee is a powerful association of men, women and children of all ages and from all walks of life joined together by a shared passion to strengthen the foundations of community through youth development, healthy living and social responsibility. Since 1858, Milwaukee YMCAs have helped kids and families live healthy lives in spirit, mind and body. Supported in part through contributions to the Annual Campaign, the Y provides membership assistance and scholarships to programs like summer camp, child care and teen activities, to make sure that everyone, regardless of age, income or background, has the opportunity to be healthy, confident, connected and secure. http://www.ymcamke.org
YMCA of Metropolitan Milwaukee
SOURCE YMCA of Metropolitan Milwaukee