Bank Forecloses Suzanne Roberts Theatre
According to The Philadelphia Inquirer, TD Bank has foreclosed on the Suzanne Roberts Theatre. The Philadelphia Theatre Company, which is housed at the theatre, stopped making mortgage payments back in 2012. The company had been in discussing possible solutions with the bank, but they foreclosed on them before reaching a decision.
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The Suzanne Roberts Theatre has been financially struggling for some time now. The mortgage wasn't accounted for in the original operational budget. The plan was to have fundraising take care of those costs. However, the theatre has no plans to file for bankruptcy.
PTC board chairman E. Gerald Riesenbach stated, "We are at this current moment engaged in the late stages of discussions with a very significant donor that will once and for all put us on a very strong financial footing."
The name of the donor and the size of the gift are both unknown.