In the latest sign of the art-world times, the Metropolitan Museum of Art will close 15 of its satellites shops around the United States and institute a hiring freeze, the New York Times reports.

A year ago, the Met ran 23 stores across the country. Over the past year, it has closed eight, and according to a letter from the chairman of the museum’s board, James R. Houghton, posted on the institution’s Web site on Friday, the Met now plans close seven more. The museum will focus instead on its online store and mail-order catalog.

Houghton’s letter also announced the hiring freeze and said that staff travel, entertainment, and hiring of temporary employees would be cut back.

The moves are part of a museum-wide budget assessment; on Monday, Emily Rafferty, the Met’s president, said, “We cannot eliminate the possibility of a head-count reduction.”

Since June 30, 2008, the Met’s endowment, which accounts for about 30 percent of its operating revenue, has decreased from $2.8 billion to $2.1 billion, a drop of about 25 percent. Membership and attendance figures are also down.