World Stage to close, but venue's future is TBD

Catch up quick: The demise of World Stage at 3025 Walnut St. comes after a series of financial challenges, lawsuits and missteps over the past year.

• Plus: The venue failed to secure a new lease with the building's owner, the University of Pennsylvania, per The Daily Pennsylvanian.

State of play: Penn-owned radio station WXPN will still host its scheduled events at World Stage, per a released statement.

• Those include the station's popular Free at Noon concerts, Thank a Member Karaoke Party and yet-to-be announced Philly Anthems concerts.

The intrigue: It's TBD on how the formal closure of the venue will affect those concerts and what Penn's future plans are for the venue.

Worth noting: World Stage will reportedly issue refunds for canceled shows, per the DP.

What they're saying: World Stage, WXPN and Penn declined to comment.

What we're watching: World Stage is ending with a whimper, but let's hope that new ownership can give the venue a new, brighter future.