Interdisciplinary. Community. Advocacy. Humor.
By Steve Roberts, Jr. June 29, 2017
Colonial Williamsburg announced Thursday it will outsource management of its commercial operations — including its real estate holdings, 19 retail stores and three golf courses.
A total of 333 employees, roughly 16 percent of the Foundation’s workforce, will be affected by the change — with 71 being laid off and the rest transitioned to other employers.
Colonial Williamsburg President Mitchell Reiss called the move a “fundamental restructuring” of the Foundation. The commercial ventures will be contracted to four private firms, which will work in conjunction with Colonial Williamsburg to turn the businesses into profit-makers.
“The commercial businesses have been running at a loss for many, many years,” Reiss said in an interview Tuesday. “The idea is we need to stabilize the endowment, so the endowment supports the Historic Area, education and the museum. It’s why people care and it’s why they come. It’s why they support us.”
Continue reading the article at the source: http://wydaily.com/2017/06/29/colonial-williamsburg-fundamentally-restructures-citing-dire-financials-business-news/