North Carolina Theatre cancels its 2024 season and files for bankruptcy

Driving the news: On Friday, the theater's board said filing for bankruptcy had become a necessary step to ensuring the N.C. Theatre's future.

• The board noted it would continue to seek public funding in addition to filing for bankruptcy.
• N.C. Theatre will continue to run its training conservatory while going through the bankruptcy proceedings, but the board said it would not have be able to put on live productions.

Flashback: In November, N.C. Theatre, which operates out of the Martin Marietta Center for the Performing Arts, launched a campaign to raise hundreds of thousands of dollars.

• At the time, the theater said it was still struggling to recover from the pandemic, with ticket sales and sponsorships still lagging.
• To save money, it had also moved within the Martin Marietta Center from Raleigh Memorial Auditorium (capacity 2,354) to the Fletcher Opera Theater (capacity 600).

What's next: It's not clear what will happen to those who have already purchased tickets for the 2024 season, with the theater only saying it hopes to provide credit at some point.

• "Rent" was scheduled for a week-long run in April, followed by "Once on this Island" in June and "Camelot" in November.
• "NCT hopes to emerge at the end of the restructuring phase with the ability to provide some form of credit to those who purchased tickets for future shows," it wrote. "NCT sincerely apologizes for this hardship and inconvenience to our devoted patrons, benefactors, and stakeholders."