Financial Woes Begin Creep Toward Museums, Fashion

Despite that unexpected windfall of $45 million that just landed in the lap of the Los Angeles County Museum of Art, there’s still something of an economic crisis going on elsewhere in the country and you might remember us talking about how this would affect places like, well, other museums. Turns out that those scary negative things that were predicted might be starting to peek their heads out. Artnet reports that the Seattle Art Museum is now starting to grow concerned, as a big tenant in their new building was now-defunct Washington Mutual (more info from the local press here). On the Eastern section of the country, the Philadelphia Museum of Art has also lost a very important benefactor in Wachovia and questions are being raised as to what exactly they’re going to do, particularly now that their Wachovia Education Resource Center has a name that doesn’t feel so good right about now. And it’s not just museums who are already feeling the pinch. Massive discount retailer H&M has just released their third quarter profits and sales reports and while they’ve grown slightly, they missed their investor’s marks by quite a bit, causing the company to scramble to slash prices and eliminate whatever waste they can. Not to be all glum, but we’re figuring we’ll be hearing a few more of these stories as time goes on.