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Artscape Receivership Update – September 29, 2023

Over the past several weeks, Artscape has been collaborating closely with key stakeholders to find solutions that will allow its spaces to continue supporting artists and creatives.

This time has allowed for significant progress, including the identification of successor operators, and the development of clear operating plans that will support our communities. Additionally, thanks to ongoing fundraising efforts, Artscape has secured enough funding to extend operations with a skeleton crew into October. This additional operating time will support transition planning and ensure continuity of service – limiting disruption to our communities once the Receivership process commences.

We are currently collaborating with the City of Toronto and our primary lender on the entry into Receivership, which will ultimately transition any Artscape-owned assets to new owners, Launchpad being the most significant. All parties remain committed to working together with the goal of having a firm plan in place for the beginning of November.

Operations at Artscape properties will continue throughout the Receivership process, and we are working with the City, our primary and other lenders, the incoming receiver, and all stakeholders to help shape operations beyond October. Artscape community members will be updated on successor operations as plans are finalized.

As we continue the difficult but important work ahead of transitioning our properties to successor operators, please accept our sincerest thanks and appreciation for your support of the Artscape team during this time.

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