The Pearl Theatre Company has announced that it is ceasing operations June 7 upon the close of its 2016-2017 Season. The Off-Broadway theatre, which had a reputation for producing acclaimed revivals and classic works, concluded its 33rd season, the third under the artistic direction of Hal Brooks.

“Despite this company’s continuing critical acclaim, record-setting audiences, and landmark institutional support, the efforts of the artists, staff, and Board of Trustees simply could not outpace the economic reality of operating a mid-size theatre company in Manhattan amid a crowded field of worthy causes,” reads a statement on the company website.

The statement goes on to explain that the company has not been able to maintain the cost of running its 160-seat non-profit theatre on 42nd Street and has been force to file a a chapter 7 bankruptcy petition in the State of New York.

“For three decades, The Pearl has enjoyed dedication, commitment, and support from its audience, its donors, its partners, and its artists. The company deeply thanks those who helped The Pearl realize the creative visions of so many talented artists,” the statement concludes. Read the complete notice here.

Brooks was reached for comment but had no further information to disclose.

The company’s final production was the world premiere of Kate Hamill’s Vanity Fair—a new adaptation of William Thackeray’s 1848 novel—which officially opened Off-Broadway April 2 and concluded performances May 27.

The Pearl Theatre is located at 555 West 42nd Street, New York. The future of the theatre itself is yet to be determined. Check back for more information.

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