North Shore Music Theatre

North Shore Music Theatre is the largest operating regional theater in New England. It is located in Beverly, Massachusetts and is one of the few remaining theatre-in-the-round stages left in the United States.

History

North Shore Music Theatre was organized in 1954 by founders Stephan Slane and Ruby Newman. The theater "opened as a part of a national circuit of summer stock theaters designed to present, rather than produce, touring packages of Broadway successes and star-centered comedies".^[1] After route 128 was finished in the 1960s, permanent walls were constructed along with heating and air conditioning, and the capacity of the theater was increased from 1,000 to 1,750 and later 1,800 seats. The theater became the largest non-profit theater in New England, and up to 350,000 people attended the musicals performed each year. It presented a six-musical season every year, as well as an annual production of A Christmas Carol. It also housed the Youth Performance Academy that provided an opportunity for child actors to perform in up to six shows each year. The theater produced the regional premieres of Hairspray, Thoroughly Modern Millie, The Producers, Contact, and many others.^{[citation needed]}

The theatre suffered from a serious fire in 2005 and slipped into debt.^[2] With debts totaling more than $10 Million Dollars (2009 USD) the theatre closed in June 2009. More than 4,000 people who had prepaid for tickes for the 2009 season were never refunded for their money.^[3][4] The theatre was later acquired by Citizens Bank in October for $3.6 million (2009 USD). In 2010 a Rhode Island investor reached an agreement with Citizens Bank to buy the theatre. The North Shore Music Theatre reopened in summer 2010.

2009 closure and 2010 reopening

In 2009, North Shore Music Theatre (NSMT) officials announced that the financially distressed theatre had failed to raise $2 million in philanthropic commitments to fund a new business model and launch a 2009 season. T Although more than $500,000 in pledges had been made since the theatre announced a turn-around strategy in mid April, not enough money was raised to save the season.^[5] The planned productions were cancelled.^[6]

NSMT's debts included large mortgages on its property and buildings and debts to vendors, the State of Massachusetts, and subscribers who paid in advance for the 2009 Season. Theater officials were in discussions with its senior creditor and were reviewing the options available for liquidating and maximizing the value of the theatre's assets for its stakeholders, as well as identifying potential buyers of the property who might consider a lease back of the theatre.^[7]

In November 2009, William Hanney, a Rhode Island investor and owner of Theatre-By-the-Sea and Entertainment Cinemas, a chain of 10 movie theaters in New England, looked to purchase the North Shore Music Theatre.^[8] Hanney reached an agreement with Citizens Bank to reopen the theatre under new ownership. The theater officially reopened in July 2010.

External links

• Official site

Coordinates: 42°34′32.91″N 70°52′10.75″W / 42.5758083°N 70.8696528°W / 42.5758083; -70.8696528

References

1. ^ "North Shore Music Theatre History". Stubhub.com. http://www.stubhub.com/north-shore-music-theatre-tickets/. Retrieved 2010-01-23. 
2. ^ "North Shore Music Theatre History". noblenet.org. http://www.noblenet.org/diglib/summer/fun-and-games/. Retrieved 2010-01-23. 
3. ^ Rosenberg, Steven (2009-10-08). "Bank buys theater at auction". boston.com. http://www.boston.com/ae/theater_arts/articles/2009/10/08/citizens_bank_buys_north_shore_music_theatre_at_auction/. Retrieved 2010-01-23. 
4. ^ "North Shore Music Theater Closes Curtains". wbur.org. http://www.wbur.org/2009/06/17/nsmt-close. Retrieved 2010-01-23. 
5. ^ "North Shore Music Theatre Closes". Salem News. http://www.wickedlocal.com/northshoresunday/news/x702343691/North-Shore-Music-Theatre-gives-up-fundraising-efforts-closes-doors. Retrieved 2010-01-23. 
6. ^ "NSMT unveils plan to survive". Salem News. http://salemnews.com/punews/local_story_106001813.html. Retrieved 2010-01-23. 
7. ^ "North Shore Music Theatre Closes". Salem News. http://www.wickedlocal.com/northshoresunday/news/x702343691/North-Shore-Music-Theatre-gives-up-fundraising-efforts-closes-doors. Retrieved 2010-01-23. 
8. ^ "R.I. investor plans to buy shuttered music theater". Salem News. http://salemnews.com/punews/local_story_327234924.html. Retrieved 2010-01-23.