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Employees were told at 9am the theatre company would close today, with no further shows to be performed there.
Fortune Board of Trustees chairwoman Haley van Leeuwen said the board had been through an exhaustive process of reviews, and had closed the theatre because it was no longer financially viable.
According to its website it employed 11 permanent staff.
"We would like to acknowledge our staff during this difficult time who have worked hard towards the goal of securing the future of the theatre."
"We have looked at many different avenues to avert closure, however theatres and their audiences have changed over the years, and we must now take stock, with the goal of keeping the tradition of local professional theatre alive in Dunedin."
"Whatever future development arises it will be in a new format that represents the future model of theatre in New Zealand.
Fortune Theatre is New Zealand’s southernmost professional theatre and was established in 1974 at the Athenaeum in the Octagon.
It moved to its present location at the Trinity Methodist Church in 1978.
The Trinity Methodist Church building dates back to 1869.
According to its website the theatre had two auditoriums, a mainstage which seated 227 people and its Murray Hutchinson Studio which seats 102.
It produced seven mainbill productions a year.
More in tomorrow's Otago Daily Times.