Kennedy Center on Brink of Bankruptcy, Could Close This Week, Washington Post Reports

The John F. Kennedy Center for the Performing Arts is on the verge of bankruptcy and could cease operations as early as Tuesday, The Washington Post reported on Sunday, citing documents it obtained from the institution's leadership.

Imminent Fiscal Collapse

A report prepared by the center's trustees warns of an impending and "certain fiscal collapse," according to the newspaper. The document, prepared ahead of a meeting scheduled for Tuesday, claims the institution will be unable to pay its employees or cover maintenance costs within a few weeks.

The leadership, installed by U.S. President Donald Trump, has sounded the alarm about the severity of the financial crisis facing the prominent Washington D.C. cultural institution.

A Controversial Proposal

To avert the shutdown, the trustees have proposed a controversial solution: adding President Trump's name to the building's facade. The leaders argue this may be the only way to avoid bankruptcy, according to the Post's reporting.

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The newspaper also reported that President Trump is willing to assist the Kennedy Center financially, but only if his involvement is publicly acknowledged. The Kennedy Center did not immediately respond to a request for comment on the matter.

Background of Financial Turmoil

The Washington Post characterized the development as a "remarkable new phase" in the president's relationship with the center, which it said has been beset by financial difficulties, leadership changes, and litigation since he became involved.

The newspaper noted that President Trump's prior involvement with the Kennedy Center, which included previous discussions about adding his name to the building, had reportedly impaired both fundraising efforts and ticket sales for the institution.