THE GLOBE THEATRE OF SHAKESPEARE IS AT RISK OF BANKRUPTCY

The Globe Theater, located on the south bank of the River Thames in London, could face bankruptcy and the final closure. The management of the theater asked the British government to provide financial support.

The COVID-19 pandemic and related quarantine measures led to the closure of the theater – the performances have ceased to be held since March 20. To restore its financial position, the theater might need more than £ 5 million.

Built in 1997 and designed in the style of its iconic predecessor - the famous Shakespearean brainchild, the Globe Theater worked in a self-financing regime. More than 95% of the income it was receiving from the sales of the tickets for the performances, sales of souvenirs and training events. Michelle Terry, the theater’s artistic director, mentioned in the interview that the theater is not a member of the emergency financing program, approved by the UK Council for the Arts.

The theater cannot hope to receive any state support.

In order to prevent the possible tragedy of the British national culture that will happen if the theater is completely closed, one of the British MPs from the conservative party, Julian Knight, appealed to Oliver Dowden (the minister of government, responsible for the field of culture). According to the official, the Globe theatre is associated with the identity of the British among foreign tourists. The member of the parliament also noted that the theater has been an example of how the art can contribute to the national economy for many years.

In order to alleviate the negative consequences of the quarantine at least to some extent, the theater has established a cost-saving regime.

Some of the expenditure items were reduced, but such measures were not enough. In fact, the Globe can repeat the fate of another British theater - the Old Vic theatre of Bristol. The latter turned to the citizens, who purchased the tickets for the canceled performances, and asked them to act as the philanthropists and not to demand a refund.

Thus, not only the Shakespeare Theater, which previously worked as a historical attraction for the tourists, but also other theatrical stages of the Great Britain have to maintain a balance on the edge of the abyss that separates them from bankruptcy.