Navy Pier is facing a $20 million deficit in its budget due to the coronavirus pandemic, forcing the iconic Chicago attraction to explore its options, which includes a potential closure.
According to Communications Director Payal Patel, "no decisions related to closures have been made as of yet."
"Navy Pier is simply exploring and considering some options at this time to help preserve the long-term vitality of the Pier," Patel said.
In a statement, Navy Pier said the loss of earnings "has been devastating to the organization's budget," citing the ongoing closure of the pier's iconic Centennial Wheel and other attractions as well as decreased parking revenue, rent relief for tenants and the cancellations of all private events.
The pier was forced to close from March 17 through June 10 "to help curb the COVID-19 pandemic." Since then, it has implemented a phased reopening plan that has seen the return of 15-20% of its typically summer attendance.
"Our hope was that once we reopened, revenues would be restored at a more sustainable level. Unfortunately, that has not been realized," the statement read.
The pier has since implemented "financial adjustments" to help limit costs, including the firing of 20% of its employees. The pier's president and CEO has taken a 44% pay reduction and all executive leadership saw reductions of 33%, according to the statement. Several full-time administrative staff members were also furloughed, renovations postponed, hiring suspended and budgets cut.
"These decisions are not ones that were made lightly and were done after a long and careful review of the Pier’s projected financials with knowledge that many good people would be affected," the pier said in a statement. "As an organization that cares deeply about its employees, we held off on making these changes for as long as our finances would allow."
Patel said decisions on future plans are expected in the coming weeks. Meanwhile, the pier said it plans to continue operating "to the best our abilities."
"Our hope is that with support from Chicagoans and the donor community, we will emerge from this crisis restored, renewed and stronger," the statement read. "We are on the path to a new era for Navy Pier, and we are working towards transforming this distressing situation into one of resilience and new opportunities as we continue to bring to life the vision for the Pier."