TOLEDO, Ohio — As ProMedica continues to navigate its financial issues, the healthcare company has suspended its $10 million donation to the Glass City Riverwalk construction and downgraded its sponsorship of the 2023 Toledo Jeep Fest.
Metroparks Toledo did not receive any of Toledo-based ProMedica's pledged donation to the riverfront revitalization project, "but will continue to stay in contact," Metroparks spokesperson Scott Carpenter said.
The healthcare giant pulled out of its Jeep Fest title sponsorship as well and dropped down to a $5,000 sponsorship, "still wanting to support the festival but not being in the position to do so as they’ve done in the past," Jeep Fest organizer Whitney Rofkar said.
The cost-cutting maneuvers are the latest in the company's efforts to stay afloat during its financial woes.
"We are grateful for those partners who understand the extreme financial challenges the healthcare industry has been navigating," ProMedica spokesperson Tausha Moore said in a statement. "ProMedica is focused on taking action to strengthen our financial position and build greater stability and sustainability throughout the organization. As a result, we’ve had to make some tough but strategic decisions over the past six months. Those decisions are enabling us to commit more energy and resources to our core health system operations and reinforcing our strong commitment to providing high-quality, compassionate care in the communities we serve."
The Lucas County Board of Commissioners unanimously voted Tuesday to restructure ProMedica's naming rights deal for the Glass City Center so it could save money in the short term but still pay the originally agreed-upon $5 million.
ProMedica also recently asked the city and county for more money to host fewer concerts for this year's summer concert series.
ProMedica has reported operating losses of more than $350 million through the first three quarters of 2022. The company has yet to announce fourth quarter results.