WARWICK, RI —  After a late night board meeting last evening, ongoing financial struggles are forcing Ocean State Theatre Co, Inc. to immediately close the theatre on Jefferson Blvd, cancel its summer programs, and suspend the fall mainstage season, according to a press release. The future of the theatre company is under evaluation. As for the future of the theatre space itself, OSTC says they have not been given any information by their landlord, Mutual Properties.

“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.”

The organization said in a statement that they “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.”

“Ocean State Theatre Company is proud to have a group of individuals who have tirelessly supported the organization,”noted 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.”

The statement said that all patron records are being retained until such time as it can be determined what remediation will be offered.