PHOENIX (AZFamily) — The organization behind one of Arizona’s largest LGBTQ+ celebrations says it is taking a difficult step to protect its future.
Phoenix Pride announced Friday that it plans to file for Chapter 11 bankruptcy protection as part of a financial restructuring process.
“For more than four decades, Phoenix Pride has been a place of visibility, celebration, advocacy, and connection for LGBTQ+ people across Arizona,” the Phoenix Pride Board of Directors said in a written statement.
The organization, founded in 1981, said rising operational costs, economic uncertainty, changes in sponsorships and fundraising, and increasing demands on nonprofits all contributed to the decision.
Phoenix Pride also cited the current political climate and administration as factors affecting sponsorship and fundraising.
“Like many Pride organizations and LGBTQ+ nonprofits across the country, Phoenix Pride has faced mounting financial pressures that threaten our long-term sustainability,” the board said.
Chapter 11 bankruptcy protection allows organizations to reorganize their finances while continuing operations.
Phoenix Pride said it plans to continue serving the community during the restructuring process while working with legal and financial advisers to create a more sustainable path forward.
“We cannot move through this chapter without the support, compassion, and belief of the people who have always made Phoenix Pride possible,” the board said.
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