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."