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Ralph Lauren Selling Harlem Cancer Center

Ralph Lauren is handing off one of his philanthropic endeavors.
The Ralph Lauren Center for Cancer Care and Prevention, opened in 2003, is being sold for just under $2.3 million to Memorial Sloan Kettering Cancer Center, one of the largest privately owned cancer centers in the world.
In documents seeking approval from the New York Supreme Court for the acquisition of a registered nonprofit, the Ralph Lauren Center said it was recently valued by a third party at the sale price and that at the end of the 2017 fiscal year, it had about $1.1 million in liabilities.
“[The Ralph Lauren Center] faced serious financial challenges from the outset,” the company wrote in the petition. It admitted that MSK, the only corporate member of its board of trustees, has actually already offered “considerable assistance” to the center just to keep it operational over the years.
The center wrote that before striking a deal with MSK, it “could no longer feasibly operate” as a solo entity, in part “because of the deteriorating reimbursement environment for its services and supports.” Over the last 16 years, the Harlem-based center says it’s managed more than 160,000 patient visits and always operated regardless of an individual’s ability to pay.

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Via:: https://wwd.com/fashion-news/fashion-scoops/ralph-lauren-selling-harlem-cancer-center-1203092067/