90-year-old playhouse files for bankruptcy
Los Angeles: Pasadena Playhouse, the 90-year-old landmark theatre in California, has filed for bankruptcy due to severe financial difficulties.
The Pasadena Playhouse, which closed its doors Feb 7, citing severe financial difficulties, has filed a petition for reorganisation under the US bankruptcy law, the theatre announced Tuesday.
"This is a necessary step in our strategy to reorganise the Playhouse for the benefit of our creditors and the Pasadena community at large," Stephen Eich, executive director of the theatre, said in a statement.
At the time it closed, Eich said the theatre was out of cash, faced $500,000 in immediate bills and could not make payments on more than $1.5 million in bank loans and debts, Los Angeles Times reported.
The theatre was designated as the state theater of California in 1937.