Friday, January 29, 2010
Pasadena Playhouse Shuts Down Feb. 7
I blogged about Pasadena Playhouse's grand redesign plans in 2007, and then about the Playhouse's financial troubles last October. Now they are shutting down:
The Pasadena Playhouse will close Feb. 7 after the final performance of its current production of "Camelot," leaving its future in jeopardy as company leaders explore ways out of its financial woes, including a possible bankruptcy filing.
Stephen Eich, the executive director hired last June to run the theater, said 37 employees learned at a staff meeting Thursday that they would be out of work. The playhouse is essentially out of cash to continue running, he said, and faces more than $500,000 in immediate bills, plus more than $1.5 million owed on bank loans and other debts that have dogged the nonprofit company since the mid-1990s.
Founded in 1917, the Playhouse was designated in 1937 as the state theater of California.
Eich said that tapping into about $6 million donated for a capital campaign to refurbish the playhouse was not an option.It just would not be any way for us to solve the problems of the place. Those monies are restricted for the building.
Eich said he isn't sure if the playhouse's 8,000 subscribers will be reimbursed.
We have subscribers wanting to see the rest of the season. We're devastated by that,he said.
(from The Los Angeles Times).
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this posted by David August at 2:39 PM 
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