WILLIAMSBURG, Va. — The American Alliance of Museums has reaccredited Colonial Williamsburg as the financially challenged organization plans to make major changes.

The living history museum said in a statement on Tuesday that reaccreditation is a “very big deal” because it helps in securing grants from foundations and governments.

President and CEO Mitchell Reiss recently announced that Colonial Williamsburg would outsource many of its commercial operations and lay off some workers. The attraction has seen declining attendance for decades, has hundreds of millions in debt and has leaned too heavily on its endowment.

Colonial Williamsburg is also asking its surrounding communities for tax relief as part of an effort to deal with long-running financial challenges.

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