North Carolina Theater, Rale’s largest professional theater company has been constructing a live musical theater for the last 40 years, on Friday announced that they are entering the chapter 11 for bankruptcy.
They are also suspended for their 2024 season.
It comes after the financial challenge that the production company faced during and after the epidemic.
“With intensive sadness, the NCT Board of Directors announced that it would have to implement a financial restructuring by seeking security under chapter 11,” a release said. “Financial reorganization is an essential step towards rebuilding and reviving the Northern Carolina Theater for the future.”
The NCT will join several major live theaters across the country, seeking insolvency conservation during and later during the epidemic, including significant increase in production costs, loss of corporate and personal sponsorship, decline in sales and slow withdrawal of audiences for live venue.
- North Carolina Theater sought help in November
- Plans for the future: re -organizing and demanding money
- What if you already had tickets for future shows?
North Carolina Theater sought help in November
Back in November 2023, the theater asked the community to help, with the target of raising $ 500,000 to maintain their performance. Puts on non -profit professional presentations and runs a training program for artists called Orthodox.
The theater placed on a professional performance, often with a talent from Broadway. However, like many theaters across the country, staff members were dealing with the financial struggles left behind by the epidemic.
John Zalum, secretary of the board of directors, said, “Initially, it seemed like an impossibility, escaping from the epidemic.” “Coming out of this, we did not return to the audience quickly, and the corporate sponsors did not return to us quickly.”
At that time, the theater said that he was close to reaching his goal and expected to remain.
Plans for the future: re -organizing and demanding money
“NCT Board of Directors, with the help of NCT employees, made extraordinary efforts to secure additional funding, and the NCT rewrite the production to reduce the expenses,” the release said. “Unfortunately, as a result of those efforts, the live theater did not have the ability to continue production at this time.”
As a part of the restructuring plan, theater will continue its efforts to secure adequate public funds to complement tickets from ticket sales, sponsorship and donations.
During the phase of reorganization, theater plans to continue the day-to-day operation of the Northern Carolina Theater Conservative, such as promoting educational development with students from early students to pre-probes in performance, dance and voice performance.
Despite filing for chapter 11, the theater has a message of hope for the future.
“We plan to emerge from restructuring as a premiere regional theater, performs who perform professional broadway actors with talented local youth and adult actors in Northern Carolina,” said the release said.
They believe that chapter 11 will allow them to re -start their new model of production of more cost -effective presentations in small, more intimate AJ Fletcher Theater.
What if you already had tickets for future shows?
According to his release, Theater hopes that at the end of the restructuring phase, the future shows are expected to emerge with the ability to give some look of credit for ticket buyers.
“NCT honestly apologizes for this difficulty and discomfort for our dedicated patron, beneficiaries and stakeholders. The NCT board requests fellow patrons and customers for grace, patience and generosity during the restructuring phase, ”the release says.