Chairwoman of the company's board, Karen S. Cohn, added, "After 28 consecutive years of balanced budgets, it was clear that we could not continue. In spite of excellent financial management, the Opera faced increasingly higher ticket-sale and fund-raising hurdles."
The Opera had raised ticket prices recently, with some orchestra seats priced at $280 on Saturday nights.
It will present "Verdi Requiem," featuring the tenor Piotr Beczala, the mezzo-soprano Stephanie Blythe, the bass Ferruccio Furlanetto and the soprano Krassimira Stoyanova, and "Don Quixote" before it closes its doors.
Visit sdopera.com for more information.