"Despite generous support from private and public local, state and national foundations and granting organizations such as UPAF and the NEA, the company's primary source of operating funds is the Argosy Foundation," according to a statement. "Due to the current financial climate, the Argosy Foundation has eliminated support [for] Milwaukee Shakespeare in order to put itself in the best position to continue to grow and support the community in the future. For this reason, Milwaukee Shakespeare cannot continue its season as planned."

The company's ticket sales have been at a record level this season, but ticket income only provides a fraction of what it costs to keep most non-profit theatre companies running.

The nine-year-old Milwaukee Shakespeare "has been actively seeking and achieving outside support, but the growth has not been sufficient to withstand this loss in its primary source of funding."

The company's board and staff will begin working this week to determine the best way to close down the company's operations.

Productions of Henry V and Othello were planned for this season. Subcribers are being offered tickets to Milwaukee Repertory Theater productions, or refunds. The company's website was not fully operational on Oct. 29.