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Greater Pittsburgh YMCA Files For Bankruptcy

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PITTSBURGH (KDKA) – The YMCA of Greater Pittsburgh has filed for bankruptcy as part of a reorganization plan.

At a Wednesday morning press conference, the nonprofit organization announced it filed for bankruptcy on Tuesday. The YMCA is seeking protection from creditors while it tries to reorganize.

Watch the full news conference here:

"We have carefully evaluated our current options and believe this is the best way for us to adjust our finances and align our resources to build a Y of the future that is reflective of how services are needed and delivered in the 21st century," said Kevin Bolding, YMCA of Greater Pittsburgh President and CEO.

As part of a reorganization plan, the YMCA's Delmont branch is slated to close on June 29. They will also be closing their Downtown fitness facility on June 8.

According to a press release, the organization is responsible for $75 million in net physical assets. The release goes on to say that a YMCA of similar size should not have more than $60 million in such assets.

ymca bankruptcy announcement
(Photo Credit: KDKA)

Their annual budget is roughly $40 million. However, it has an annual deficit of about $1 million.

The nonprofit runs 11 branches and three camps in the Pittsburgh area. Currently, there are no immediate planned changes to programs they offer.

"Throughout its 164-year history, the Y has made difficult decisions and has always done so with the community's needs as its highest priority," said Bolding. "Reorganization will strengthen the Y, creating a more financially secure and mission-focused organization. Having our resources concentrated on a more sustainable physical footprint will ultimately pave the best path forward for all."

The Fifth Avenue Y employs 100 mostly part-time employees. It's not clear how many will be laid-off or get other positions with the Y.

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