Citizens Banks On North Shore

The North Shore Music Theatre in Beverly, Mass., is under the control of Citizens Bank following a $3.6 million winning bid at a recent foreclosure auction.

The shuttered venue went out of business in June with $10 million in debt after 54 years in operation. Citizens, which is owed $4 million on the venue’s two mortgages, is apparently trying to recoup losses.

Following the auction, bank VP Gavin Taylor told the Salem News he’s “not sure” what will become of the property.

Former North Shore artistic director Jon Kimbell told the paper he remains hopeful the building will stay put and get leased to a theatre producer.

“If they can successfully negotiate a lease, I think you’ll see the place up and running again,” Kimbell said. “I still can’t imagine the place not functioning as a theatre. It’s been here a long time, and the audience is still here. It makes the most sense.”

The North Shore struggled to make ends meet since December when officials reported dwindling donations, slow ticket sales and overwhelming debt from a 2005 fire left no means to cover operating costs.