Phoenix Pride files for Chapter 11 bankruptcy amid financial challenges

Federal documents claim Phoenix Pride owes more than $400,000 and are now getting sued.PHOENIX — Phoenix Pride has filed for Chapter 11 bankruptcy protection, citing rising operational costs and declining sponsorship and fundraising support.The nonprofit, which has operated for 40 years and hosts Arizona’s two largest LGBTQ+ events, Pride Fest and Rainbow Fest, announced the filing Friday.In a statement, Phoenix Pride said rising operational costs, a lack of sponsorships and fundraising challenges tied to the current political climate have placed significant financial strain on the organization.Chapter 11 bankruptcy allows organizations to continue operating while restructuring their finances under court supervision.Phoenix...