PHOENIX (AZFamily)<\/b> \u2014 The organization behind one of Arizona\u2019s largest LGBTQ+ celebrations says it is taking a difficult step to protect its future.<\/p>\n
Phoenix Pride<\/a> announced Friday that it plans to file for Chapter 11 bankruptcy protection<\/a> as part of a financial restructuring process.<\/p>\n \u201cFor more than four decades, Phoenix Pride has been a place of visibility, celebration, advocacy, and connection for LGBTQ+ people across Arizona,\u201d the Phoenix Pride Board of Directors said in a written statement. <\/p>\n 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. <\/p>\n Phoenix Pride also cited the current political climate and administration as factors affecting sponsorship and fundraising.<\/p>\n \u201cLike many Pride organizations and LGBTQ+ nonprofits across the country, Phoenix Pride has faced mounting financial pressures that threaten our long-term sustainability,\u201d the board said.<\/p>\n Chapter 11 bankruptcy protection allows organizations to reorganize their finances while continuing operations.<\/p>\n 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.<\/p>\n \u201cWe cannot move through this chapter without the support, compassion, and belief of the people who have always made Phoenix Pride possible,\u201d the board said.<\/p>\n See a spelling or grammatical error in our story? Please click here to report it<\/a>.<\/p>\n