MOCA in trouble?

At yesterday's Little Tokyo Community Council meeting, the Geffen Contemporary announced that it'll be shutting down its Little Tokyo museum from January to July (thanks for the tip, Ron). No reason was stated but today's LA Times story explains their serious financial situation.

This month, in a bid to shave 10% off operating costs, the museum announced a six-month closure of its Geffen Contemporary exhibition space, which is leased from the city for $1 a year.

The Frank Gehry adaption of the space has enabled MOCA to house some of its larger art exhibits such as the Takashi Murakami retrospective last fall.

All I can say is "wow". The Geffen draws a lot of people into Little Tokyo, so this will be sure to have an impact in the community and local businesses.