Boy Scouts exploring “all options” to address fiscal woes
NEW YORK (AP) — The Boy Scouts of America says it is exploring “all options” to address serious financial challenges, but is declining to confirm or deny a report that it may seek bankruptcy protection in the face of declining membership and sex-abuse litigation.
“I want to assure you that our daily mission will continue and that there are no imminent actions or immediate decisions expected,” Chief Scout Executive Mike Surbaugh said in a statement issued Wednesday evening.
Surbaugh was responding to a Wall Street Journal report that the BSA, founded in 1910, had hired a law firm to assist in a possible Chapter 11 bankruptcy filing.
Surbaugh described the report as “news speculation,” but acknowledged the pressures arising from multiple lawsuits related to past instances of sex abuse.