Ocean State Theatre Co. shuts down operations

Building owner files eviction over back rent

WARWICK — After a board meeting on Monday night, ongoing financial struggles are forcing Ocean State Theatre Co. Inc. (OSTC) to immediately close the theatre on Jefferson Boulevard, cancel its summer programs, and suspend the fall mainstage season, according to a statement sent by the theater on Tuesday. The future of the theater company is under evaluation, said the statement. “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 theater group said it could not come to terms with the owner of the building, Mutual Properties 1245 Jefferson LLC, 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,” said Cohen. According to a formal complaint and eviction notice filed on May 19, Mutual Properties said the theater company owes $860,908.58 in back rent and additional charges as of May 17, WPRI12 reported. The complaint said OSTC was responsible for paying $21,114 per month in rent and additional charges,

Mutual Properties is also seeking interest, costs and legal fees in addition to the unpaid rent, WPRI reported.

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 theater. The nonprofit had hoped that the strong start to their 2016-17 season, which produced 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 the decision to close, he said.

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