YMCA of Milwaukee to Undergo Restructuring in Face of $30 Million Debt

The YMCA of Metropolitan Milwaukee is reportedly set to undergo a major restructuring that could include the closing of some of its branches.

The restructuring is a result of a $30 million debt the Y has incurred, the Milwaukee Journal Sentinel reported. The Y currently has 10 centers plus two camps. It operates a charter school that it is selling for $6 million, according to the newspaper.

"The alternative is to go out of business," Julie Tolan, who became president and CEO of the Y last August, told the newspaper. "All options are on the table."

According to the Journal Sentinel, the Y lost $300,000 in 2012 and lost an additional $1.2 million in 2013, the newspaper reported. The Y listed net assets at $75.4 million last year, most of that in property and equipment, according to the newspaper. The Y has 1,600 employees, 350 of which are full-time.

Several costly projects, the recession of 2008 plus competition from neighboring for-profit health clubs have presented challenges to the Y, the newspaper reported.