Key Club CEO Keith Pressman told Pollstar the move is not permanent and investors are already looking into taking over ownership of the building.
The partners will be looking at renovations and the club could open as early as this month, but on a partial basis, Pressman said.
A more reasonable reopening would be as early as February, he said.
Other club owners and execs told the Los Angeles Times that live business is “worse than you can imagine” because of the economy and competition for nighttime entertainment.
The 500-capacity Key Club, which opened in West Hollywood nearly 15 years ago as Billboard Live, has been the recent Monday night home for heavy-metal jokesters Steel Panther and has hosted everyone from Less Than Jake in 2000 to a recent gig with Skid Row.
New management for the Key Club can be reached at 310-274-5800.