BEVERLY – It’s the final curtain call for the North Shore Music Theatre in Beverly, which has been an entertainment staple on the North Shore for the past 55 years.
On Wednesday, NSMT announced the financially distressed theater has failed to raise the $2 million in philanthropic commitments necessary to fund a new business model and launch a 2009 season. Operating since 1955, NSMT has evolved into the largest non-profit producing theater in New England, with approximately 300,000 patrons annually, but the fat lady has sung, according to NSMT Board Chairman Davis Fellows.”In the last two months we have been able to make progress toward our fund raising goal, but sadly, this is not enough to fund a 2009 season and keep the theater open,” he said. “Without a season this year, we are unable to address the substantial debts of our creditors and restore the theater’s economic health.”Fellows said more than $500,000 in pledges have been made since the theater announced a turn-around strategy in mid-April but he added the theater has run out of time to raise the balance and move forward with its plans for a scaled back 2009 season.According to a press release issued by NSMT, its debts include large mortgages on its property and buildings. It also has outstanding debts to vendors, the state and subscribers who paid in advance for the 2009 Season. When calling the theater, callers receive a message informing them operations have been suspended and no one would be available to return their call.Theater officials are in discussions with its senior creditor and are reviewing the options available for liquidating and maximizing the value of the theater’s assets for its stakeholders, as well as identifying potential buyers of the property who might consider leasing the theater back to NSMT.”Our new business model represents a road map for any group interested in reviving the theater in the future,” said Fellows. “We are grateful to our loyal supporters and urge all who care about musical theater and arts education on the North Shore to support any effort that would preserve this cultural resource for future generations.”In December 2008, the North Shore Music Theatre announced on its Web site that, barring immediate philanthropic support, it would close on Jan. 11 when its latest production, “High School Musical 2” ended its run. At that time Board chairman David Fellows said the only way the theater could stay open would be with an infusion of $500,000 by the end of January and several million by late spring.
