Nuffield Southampton Theatres has entered administration amid the ongoing theatre lockdown.
Like all other UK venues, Nuffield Southampton Theatres shut its doors and cancelled all future performances in March.
Nuffield Southampton Theatres runs two venues in Southampton - NST City and NST Campus - and employs 80 staff.
The company suffered with an "unprecedented pressure on cash flow" as a result of lockdown which saw "a flood of refund requests and little in the way of advanced bookings" said administrators from insolvency firm Smith & Williamson.
They added (BBC News): "This is a sad day not only for Southampton, of which NST has been a venerable part of the city's cultural fabric for more than half a century, but for the country's theatreland in general.
"Our thoughts are with NST's 80 staff, the vast majority of whom are furloughed and are understandably anxious about their jobs and NST's future.
"We will do our best to sell the business and its assets, albeit in testing commercial conditions which have no parallel in modern British history … NST is a well-respected theatre company, with a range of assets, that could survive and thrive.
"A buyer would need to be patient because no one yet knows when theatres will reopen, or how social distancing measures would impact upon seating and stage and therefore revenues. However, for the right person or company, this presents a rare opportunity to acquire one of the leading and long-established theatre brands in southern England.”
It sad news comes as the nationwide theatre shutdown was extended until at least June 28.
Producer Sir Cameron Mackintosh recently revealed his fears that theatres may not re-open until 2021.