BEVERLY — North Shore Music Theatre officials announced this morning that they have failed to raise enough money to stay open and are officially out of business.
Theater board chairman David Fellows said trustees will seek potential buyers and could declare bankruptcy.
“It is heartbreaking,” Fellows said. “But realistically, our debts are overwhelming.”
This morning’s announcement ends months of uncertainty about the future of the 54-year-old theater, which Fellows said is $10 million in debt.
Officials had hoped to reopen this summer with a shorter season by raising $2 million, but Fellows said the theater was only able to secure commitments for $500,000.
The closing will leave thousands of people who pre-paid for 2009 tickets without a refund. Fellows said the vast majority of the estimated 4,400 subscribers is “very unlikely” to get their money back. He said the theater must first pay off the banks.
Please see Wednesday's edition of The Salem News for more on this story.
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