OCEAN STATE THEATRE TO CLOSE
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WARWICK, RI ??? After a late night board meeting last evening, ongoing financial struggles are forcing Ocean State Theatre Co, Inc. (OSTC) to immediately close the theatre on Jefferson Blvd, cancel its summer programs, and suspend the fall mainstage season. The future of the theatre company is under evaluation. As for the future of the theatre space itself, OSTC has not been given any information by the landlord, Mutual Properties.
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???It was a heartbreaking decision for those of us who are passionate about OSTC,??? said Andrew Cohen, Chairman of the Board of Directors for Ocean State Theatre Company. ???Particularly after what is undoubtedly the best artistic season we have ever had.???
Though the theatre is widely regarded as ???the best place in Rhode Island to see a show,??? having been reimagined from an empty garage and office space by OSTC in 2012, the organization simply could not come to terms with the owner of the building, while re-negotiating new lease terms and debt structure. ???Additionally, a third party, on behalf of OSTC, had been negotiating to purchase the building for a few months now, however those negotiations were not successful.???
Mr. Cohen said that the company’s financial situation has been challenging for several years, in large part due to the impact of debt incurred when the company was forced to vacate Theatre By The Sea during construction of the Warwick theatre. The nonprofit theatre had hoped that the strong start to their 2016-17 Season, which has shown a tangible increase in tickets sales, would attract more corporate sponsors, state and federal funding, and private donations to better support its ongoing programming. The inability to reach its projected goals for charitable giving, coupled with the inability to re-negotiate new lease terms and debt obligations, have led to this difficult decision.??
???Ocean State Theatre Company is proud to have a group of individuals who have tirelessly supported the organization,??? noted Mr. Cohen. ???We also have a great team, which has been working diligently to find a path to success to meet our obligations. Time just ran out. We are eternally grateful to the supporters who have been there for us, our fellow artists, our audiences and our backers. We will always be proud of first re-opening the shuttered Theatre By The Sea in 2007, and the development of our current location in 2012, offering an additional quality theatrical venue to the State of Rhode Island.
All patron records are being retained until such time as it can be determined what remediation will be offered.??