CHICAGO (WBBM) – A local YMCA has sought bankruptcy protection. The YMCA of McHenry County has filed for chapter 11 bankruptcy protection, citing the recession and a decline in membership as the main reasons.
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The Daily Herald reports the facility in Crystal Lake will remain open as it tries to sell it’s assets to the YMCA of Metropolitan Chicago.
The organization’s board of directors issued a statement that read in part, “Our goal in this process is to give the communities we serve a stronger, healthier YMCA, and reorganizing through bankruptcy provides an opportunity to do just that.”