Colonial Williamsburg Foundation says restructuring is working

Colonial Williamsburg Foundation says restructuring is working
As seen in Virginia Business

The Colonial Williamsburg Foundation said Wednesday that a restructuring plan implemented last year is working.

The restructuring, announced a year ago, included eliminating 71 jobs and outsourcing 262 positions.

“I said this time last year that we intended to restructure the Foundation one time, and one time only,” Mitchell Reiss, Colonial Williamsburg Foundation’s president and CEO, said in an address to employees. “I am very happy today to say, again, that there are no plans for layoffs or reductions in force.”

Reiss stressed, however, that the organization’s biggest challenge is paying down its debt, which is due soon. The foundation is working to refinance the terms of the debt so that it is less of a burden. The foundation’s debt stood at $317 million in June 2017. Joseph Straw, Colonial Williamsburg’s public relations manager, said the debt is still more than $300 million but did not reveal the specific amount. Read more.

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