By Michael O'Connell Posted May 5, 2010, 5:41 PM EDT
It's been almost a year since Gen Art opened up about its financial problems, but even a planned merger with Rock Media & Entertainment wasn't enough to save the 16-year-old arts nonprofit or its for-profit event production company. Co-founders Ian and Stefan Gerard announced on Wednesday that Gen Art would cease operations immediately.
Citing a reliance on funds from a large corporate partnership that unexpectedly fell through in recent weeks, the Gerards released a statement detailing the organization's end: “The reality is that we had fiscally planned and relied upon the representations of this partner. Their decision had the unintended effect of pushing Gen Art over the edge.”
Throughout its history, Gen Art was responsible for producing fashion shows, film screenings and festivals, concerts, art fairs, and design competitions across the U.S. It even employed full-time event planners in New York, Chicago, Los Angeles, and Miami, before staff reductions and furloughs led them to largely rely on freelance staffers.