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Pasadena Playhouse to close Feb. 7 because of money woes

http://latimesblogs.latimes.com/.a/6a00d8341c630a53ef011572288849970b-pi

The Pasadena Playhouse will close Feb. 7 after the final performance of "Camelot," leaving its future in jeopardy as company leaders explore ways out of its lingering financial woes, including a possible bankruptcy filing.

Stephen Eich, the executive director hired in June, said the playhouse is essentially out of cash. It 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.

Thirty-seven employees will be out of work when the playhouse closes, Eich said. He said he isn't sure yet about whether or how the playhouse's 8,000 subscribers will be reimbursed.

The playhouse, which opened in 1917, was designated in 1937 as the state theater of California and has hosted a multitude of actors who went on to become stars.

Read the full story here.

--Mike Boehm

Photo: L.A. Times file

 
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