K-W Symphony files for bankruptcy and the board of directors resigns
The symphony's 2023-24 season was cancelled 4 days before it was set to start
The Kitchener-Waterloo Symphony (KWS) filed for bankruptcy Thursday after abruptly cancelling its upcoming season originally scheduled to start this week.
In a statement, the symphony's chair of the board of directors Rachel Smith-Spencer said the board was "absolutely devastated" by the decision.
"In the last three days, we have appealed to all of our major stakeholders and have exhausted all available avenues to secure the $2M required immediately to continue operations," Smith-Spencer said.
The KWS said on its website the board of directors also resigned.
A spokesperson for the symphony confirmed on Sunday that the 2023-24 season has been cancelled, four days before the season was set to start.
The cancellations include the Youth Orchestra and Bridge to Music — a music program geared to low-income families.
A statement sent out Tuesday afternoon said KWS would require around $2 million in funding to proceed with the 2023-24 season, and points to "an unprecedented rise in costs following the global pandemic" as the reason.
The statement sent out Thursday said if anyone wanted "to support musicians and the future of classical music performance in Waterloo Region" two independent fundraisers had been started, including a GoFundMe that aims to raise the $2 million needed.
"This fundraiser [the GoFundMe] has been set up by the musicians, and decisions about the use of those funds will be made by the musicians," the statement said.
Smith-Spencer said although the Symphony is now defunct, the K-W Symphony Foundation will continue to operate as an independent body that manages previously-donated funds.