LENOX, Mass. (October 13, 2009)--A nonprofit consultants' report says a Shakespearean theater in Massachusetts needs to raise $2.3 million to continue operations until next year.

In the report released Tuesday, the Nonprofit Finance Fund said Shakespeare & Company in Lenox also needs to raise $8.15 million to restructure its long-term debt.

Shakespeare & Company says it is creating a new business model and negotiating to restructure its debt.

Last March, the theater company laid off seven employees and shifted others to part-time roles to cut costs.

Year-round employees also took 10 percent pay cuts, and its founders gave up their salaries for two months.

The 32-year-old company says it's also working to "produce more plays with less money" at its three theaters.