In April, Eddie Money played Rich Forum in the shadows of Stamford”™s financial palaces, but it apparently wasn”™t enough to pay the bills for the Stamford Center for the Performing Arts.
The Stamford theater organization filed to fend off creditors under federal bankruptcy protection, with plans to continue operating as it restructures its finances.
 The organization laid the rails for reorganization this summer by laying off more than a dozen workers while accepting the resignation of Kenneth Wesler, who had led SCA since 2006.
The theater is not alone in its struggles ”“ multiple more in the Northeast filed for bankruptcy protection in August, including the Studio Arena in Buffalo, N.Y., which has rounded up support from stars like Kelsey Grammar and Nicole Kidman. No such white knights have galloped in to rescue SCA, despite being surrounded by a star-studded citizenry in media, entertainment, finance and big business ”“ whose employees benefit from the theater”™s presence.
 “We see this as an opportunity and an important step in building a revitalized SCA,” said Michael Widland, chairman of SCA”™s board, himself a Shipman & Goodwin attorney with expertise in corporate restructurings. “Shortfalls in anticipated program revenues along with reduced state support have resulted in a financial situation whereby SCA cannot continue under its current structure.”
SCA was founded in 1979 after Champion International Corp., F.D. Rich and Pitney Bowes Inc. purchased the old Stamford Theater, forming the nonprofit SCA to manage the facility. The organization purchased the 1,500-seat Palace Theater in 1989, and in 1992 opened the Rich Forum on Tresser Boulevard, which has a capacity of 750.
In the 2006 fiscal year, the most recent on file with the Internal Revenue Service, SCA had a $1.2 million operating deficit, giving it $21 million in total assets ”“ virtually all of it in the inherent value of its theaters and land.
Receipts from tickets and merchandise dropped from $3 million in fiscal 2002 to $1.7 million in fiscal 2005, while outside support plunged from $5.7 million to $2.5 million over the same period.
In addition to Widland, the theater”™s board includes many officials from prominent Stamford companies, including Thomas Rich of F.D. Rich and Sheryl Battles, head of communications at Pitney Bowes Inc.
The board also includes Mayor Dannel Malloy and Michael Freimuth, head of economic development for the city of Stamford; and Rep. Jim Shapiro, who represents Stamford in the Connecticut General Assembly.
