The Metropolitan Pier and Exposition Authority on Monday announced that it would likely cut about 20% of its employees to help trim a budget shortfall estimated at nearly $29 million.

MetPier — which manages McCormick Place convention center and the tourist attraction Navy Pier — said an early retirement offer and layoffs would generate savings of about $16.5 million. The authority is grappling with a drop in convention and hotel revenues and falling tourism-related taxes.

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