With season set to begin, major US Jewish summer camp operator files for bankruptcy
The Times of Israel • • business
Key Points:
- Simad Holdings, which owns 22 overnight and 8 day Jewish summer camps in the US, has filed for Chapter 11 bankruptcy, raising concerns about potential program cancellations ahead of the summer season.
- Despite the bankruptcy filing and financial troubles, including missing funds and a criminal investigation in Israel, camp operators and US courts have assured that camps will proceed as scheduled this summer.
- Simad’s camps operate as for-profit businesses, charging up to $15,000 per camper, and are not affiliated with major youth movements; the company has nearly $500 million in assets but liabilities exceeding that amount.
- Last summer saw a record nearly 200,000 youths attending Jewish camps across the US, excluding Simad camps, reflecting strong demand and growth in the sector.
- The Foundation for Jewish Camps has launched a five-year plan aimed at making Jewish summer camps affordable and accessible to every Jewish child.