PASADENA -- The debt-saddled Pasadena Playhouse closed after the curtain came down on "Camelot" Sunday night.
Steven Eich, the theater's executive director, announced on January 29 that the 93-year-old theater would close because it was about $3 million in debt. It's annual budget is about $7 million.
To reopen the theater and gets its finances in shape, Eich estimated it would take as much as $10 million. All 37 staffers have been laid off.
Eich said the Playhouse has started discussions with legal counsel over how to move forward, including a possible bankruptcy.
The theater has twice filed for bankruptcy since its founding. In 1969, the historic building on South El Molino Avenue was taken over by the bank. It came close to being demolished before being bought by the city, which now leases it to the Playhouse for $1 a year.
The Playhouse reopened in 1986 after a major privately funded restoration, but in 1995 its then-operating company, Theatre Corp. of America, went bankrupt with debts of more than $9 million, including $2.8 million for the Playhouse.
Other area theaters have offered to absorb some of the Pasadena Playhouse's 7,500 subscribers into their program, but no agreements have been made, Eich said.
The theater will maintain a presence at the Rosemead Boulevard space donated by Michele Dedeaux Engemann, chairwoman of the Pasadena Playhouse Board, and her husband Roger.
Steven Eich, the theater's executive director, announced on January 29 that the 93-year-old theater would close because it was about $3 million in debt. It's annual budget is about $7 million.
To reopen the theater and gets its finances in shape, Eich estimated it would take as much as $10 million. All 37 staffers have been laid off.
Eich said the Playhouse has started discussions with legal counsel over how to move forward, including a possible bankruptcy.
The theater has twice filed for bankruptcy since its founding. In 1969, the historic building on South El Molino Avenue was taken over by the bank. It came close to being demolished before being bought by the city, which now leases it to the Playhouse for $1 a year.
The Playhouse reopened in 1986 after a major privately funded restoration, but in 1995 its then-operating company, Theatre Corp. of America, went bankrupt with debts of more than $9 million, including $2.8 million for the Playhouse.
Other area theaters have offered to absorb some of the Pasadena Playhouse's 7,500 subscribers into their program, but no agreements have been made, Eich said.
The theater will maintain a presence at the Rosemead Boulevard space donated by Michele Dedeaux Engemann, chairwoman of the Pasadena Playhouse Board, and her husband Roger.
