Montreal, 20 November 2006 — The contemporary art magazine PARACHUTE, founded in 1974, has taken the difficult decision to suspend its activities. Despite the success of its new format, introduced in 2000, and its international recognition, funding levels no longer make it possible to ensure a reasonable level of quality and stability.

Despite its determination and efforts to maintain the journal’s presence on the contemporary art scene and to continue operations, PARACHUTE’s board of directors was obliged to take this last-resort decision after examining all the economic and social factors which would have enabled the journal to extract itself from the impasse facing it. The journal had recently succeeded in increasing its sales by more than 200% while at the same time cutting expenses and trimming budgets. Major fundraising efforts over the last years have produced significant but insufficient results. As well, the repeated demands on government agencies have been unproductive. An overall drop in subsidies, in tandem with the current funding structure of the journal and the media environment today make the task that much more complex. Despite PARACHUTE’s exceptional longevity in a highly competitive milieu — a longevity owing to the enthusiasm of its contributors and readers and to the unflagging determination of its director — its suspension of activities at this time highlights the precariousness of cultural organizations in Quebec and the rest of Canada.