The Chicago Chamber Musicians, long considered one of the finest chamber ensembles in the city, announced on Friday that they will discontinue all artistic activities at the close of the current fiscal year on August 31, and will not present a 2014-15 season.

John von Rhein reported in the Chicago Tribune that the 28-year-old group "had been battling audience decline and growing deficits over the last several seasons."

CCM Board Chair Michael Woolever said in a statement, "While CCM filled an important niche in Chicago's musical scene for many years, numerous factors have made it more and more difficult for CCM to avoid operational deficits in recent years, and CCM leadership decided to take a prudent approach and suspend artistic operations while we continue to be solvent."

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