Crystal Cathedral Bankruptcy
Crystal Cathedral, the megachurch birthplace of the televangelist show “Hour of Power,” filed for bankruptcy Monday in Southern California after struggling to emerge from debt that exceeds $43 million.
Additionally to a $36 million mortgage, the Orange County-based church owes $7.5 million to a number of hundred distributors for providers ranging from marketing to the use of live animals in Easter and Christmas companies.
The church had been negotiating a repayment strategy with distributors, but numerous filed lawsuits searching for quicker payment, which prompted a coalition shaped by collectors to fall apart, church officials mentioned.
“Tough times never last, every storm comes to an end. Right now, people need to hear that message more than ever,” Sheila Schuller Coleman, the Cathedral’s senior pastor and daughter of the founder, advised reporters exterior the worship corridor.
“Everybody is hurting today. We are no exception,” she stated.
The church, founded in the mid-1950s by the Rev. Robert H. Schuller Sr., has currently ordered major layoffs, reduce the number of stations airing the “Hour of Power” and sold property to stay afloat. Additionally, the 10,000-member church canceled this year’s “Glory of Easter” pageant, which attracts thousands of visitors and is really a regional vacation staple.
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