San Jose Rep to Auction Off Assets Following Bankruptcy
As part of its ongoing bankruptcy, San Jose Rep, the 34-year-old non-profit theatre company that ceased operation in June, will now begin auctioning off its assets used throughout its productions.
According to The San Jose Mercury News, "Several thousand items, the last souvenirs of 34 seasons of comedies and tragedies, will go to the highest bidder and the proceeds will go toward the goal of paying off some of the San Jose Repertory Theatre's estimated $3 million debt."
A slew of online auctions for the company's costumes, props, and equipment are slated to begin next Tuesday, August 12.
"It's sad because the Rep was known for having such lovely costumes and sets," said Santa Cruz Shakespeare's managing director Aimee Zygmonski. "We're definitely going to be taking a look at the period costumes."
Prior to filing for bankruptcy, the company's board of directors worked to find numerous attempts to continue operations to no avail.
At the time, Holly Walter, president of the San Jose Rep's board of trustees said: "We deeply regret having to take this action because of the impact it will have on our 51 employees, the artists we work with each season, our season ticket holders, loyal patrons and generous donors and supporters. We also regret the impact on the city of San Jose and the local arts community.
"However, after months of trying to solve our financial issues, reduce our debts and construct a sustainable model for the organization, we felt we had no choice but to take this action.
"We want to thank everyone who has supported us during the past 34 years - including our committed donors and subscribers, volunteers, artists, and the city of San Jose. We owe a deep debt of gratitude to everyone. San Jose Rep has a 34-year history of providing professional, award-winning theatre and outreach and education programs for the community, and we're saddened that this history has come to an end."