Street Wize News ( Raw &Unkutt )

Crystal Cathedral Mega-Church based in Garden Grove,Ca has filed for bankruptcy after failing to emerge from debt that exceeds $40 million,Yahoo reports. The Church's outstanding mortgage is $36 million along with over $7 million in outstanding debt from various creditors. "Tough times never last, every storm comes to an end. Right now,people need to hear that message more than ever,"Sheila Schuller Coleman,the Cathedral's Senior Pastor and daughter of the founder told reporters on Monday. "Everybody is hurting today,we are no exception,"she also stated. The Church was founded in the 1950s by Rev.Robert H. Schuller Sr. and has reportedly grew to a 10,000 member Church. It has already began major layoffs and cut backs. The Church's famed "The Hour Of Power" telecast reportedly at its peak attracted over 1.3 million viewers and was seen in a 156 countries.Church leaders said the Sunday service along with the telecast will continue on during bankruptcy. Many Mega-Churchs are reportedly suffering in these tough economic times and charitable donations and giving has decreased substantially due to the economy. Crystal Cathedral saw revenue drop 30% in 2009 alone. This is just the beginning if you ask me,more and more Mega-churchs will be following suit to stay afloat in these tough economic times,especially the ones that are not financial savvy.