Background: The Paper Mill Playhouse, a not-for-profit theater, has been the preeminent theater in New Jersey
for 70 years, having achieved the status of State Theater of New Jersey. It operated for a number of years at a deficit as it attempted to
maintain production values relative to Broadway. Growing competition, aging demographics, declining season ticket sales, and an insufficient
contribution base led to the theater's dismal financial outlook. Costs had been cut but not sufficiently to offset negative trends.
Solution: In collaboration with the theater's Board of Trustees and outside professionals, a plan was created
to reinforce the bond between the theater and the town it called home, and to cut non-essential costs without diminishing production values.
With the development and implementation of a major capital campaign, contributions were immediately increased to complete the current season
while real estate assets were monetized. Special legislative appropriations were obtained to assist with operations.
Result: The financial restructuring led to the resurgence of the theater, including its sale and leaseback by
the town of Millburn and recruitment of a new management team. During this period, Paper Mill Playhouse produced a series of award-winning
productions and reestablished its artistic mission.
