PHOENIX — Phoenix Pride announced it has filed for Chapter 11 bankruptcy protection as part of a financial restructuring effort aimed at preserving the organization’s future.

In a statement released Friday, the nonprofit said rising operational costs, economic uncertainty, changes in sponsorship and fundraising, and growing demands on nonprofit organizations contributed to the decision.

Phoenix Pride, which has served Arizona’s LGBTQ+ community since 1981, said it has faced mounting financial pressures similar to those affecting Pride organizations and LGBTQ+ nonprofits across the country.

Organization leaders said the bankruptcy filing will allow Phoenix Pride to reorganize its finances while continuing normal operations.

“Our mission has not changed,” the organization said in its statement. “Our commitment to the LGBTQ+ community remains unwavering.”

Phoenix Pride said it plans to continue serving the community throughout the restructuring process while working with legal and financial advisors to establish a sustainable future.

The organization also pledged transparency and said it will provide updates as the process moves forward.