The New York Times reports that the theatre will be converted for another use, although no further details were given by Ben Sprecher, the president of the Sprecher Organization, which operates the theatre. Sprecher, who will remain part owner of the space, told the New York daily, "I have had an offer on the table for a very long time." Past productions at the 399-seat Promenade, which opened in 1969, include Hurlyburly, Three Tall Women, In Trousers, Breaking Legs, Wrongturn at Lungfish and Old Wicked Songs. More recent productions include Almost Heaven: The Songs of John Denver, In the Wings, Woman Before a Glass, Address Unknown, The Thing About Men and Tea at Five.

The Sprecher Organization also operates the Little Shubert Theatre on West 42nd Street. The Variety Arts, which shut its doors in 2004, was also owned by the organization.

It is expected that the space will become a Sephora store. Talk that the Sephora chain wanted the building for retail purposes began to crop up in fall 2005. Gossip became so intense that Sprecher reached out to reporters in late 2005 to squelch the rumors.

Several other Off-Broadway theatres have closed in recent months, including Playhouse 91 and the Perry Street Theatre.