The director of the Solomon R. Guggenheim Museum and Foundation told employees on Friday that the institution would implement furloughs and pay reductions in an effort to contend with “the deep and sudden impact” of the coronavirus pandemic.

“The near- and long-term financial impact of the COVID-19 crisis on the Museum’s fiscal well-being is profound,” the director, Richard Armstrong, wrote in an email to workers. “This decision did not come easily.”

Mr. Armstrong said in a separate statement that the Guggenheim projected a $10 million revenue shortfall, and added that 92 staff members from across the museum will be furloughed. Those staff members, which union officials said include about a dozen people who work in a clandestine storage facility, will be paid through April 19 and receive health benefits covered by the museum through July 31 or the date of rehire, whichever comes first, Mr. Armstrong said. All unused vacation time will be paid out by May 1, according to the museum.

Pay will be reduced for another 85 employees, the museum said, including Mr. Armstrong, whose salary will be reduced by 25 percent.