RISD Cuts Staff, Closes Museum for August

RISD Cuts Staff, Closes Museum for August
The Rhode Island School of Design is taking steps to deal with its plunging endowment, which has lost $125 million since peaking at $375 million at the end of 2007, Artnet reports.

Foremost among the actions is slashing about 20 full- and part-time staff through layoffs and early retirements. There also will be a package of wage freezes and reductions in employee retirement-plan contributions.

In addition, the school’s RISD Museum will go dark for the entire month of August, a move that director Hope Alswang told the Providence Journal was "the least bad option."