Toronto's Hot Docs Canadian Documentary Film Festival has announced that it will be shuttering its theatre at Bloor and Bathurst amid a "serious financial situation" and "challenging year."

The non-profit shared an update on Wednesday, saying that though its latest iteration from April 24 to May 5 was a success with 12 per cent higher box office revenues than anticipated, its operating deficit is still too to acute to continue on as is.

"To address our immediate cash flow needs and create a necessary window for the team to regroup and engage in critical strategic planning to address our deficit, we have made the difficult decision to temporarily close Hot Docs Ted Rogers Cinema," the organization wrote.

"During this time, the leadership team will undertake an extensive review of the Cinema — its mission, programming and operations — to determine a path back to profitability. Additionally, our development team along with the board of directors, will continue key conversations with government partners to further seek solutions."

From the awful but unsurprising news bureau: Just on my way to the first session of @HotDocs “Films That Shook the World” course. Looks like we’ll miss out on half the course… https://t.co/Hp0OjAmjdD

— John Leeson 🇺🇦 (@JohnLeesonTO) May 22, 2024

The venue is slated to close for around three months, starting June 12. Anyone with tickets to a show during that time will be automatically refunded, though organizers say that they are " in the process of rescheduling or securing alternative venues for select events and will inform ticket buyers of these new plans."

The regrouping and closure will also mean a number of temporary layoffs.

Hot Docs had initially alerted the public to its fiscal troubles and operational issues in March, saying that its future was on "quite shaky ground" and that pandemic recovery was extremely slow going.

Hot Docs film festival is the latest Toronto organization in financial trouble https://t.co/SvEr2qCDaO

— blogTO (@blogTO) March 8, 2024

Other long-running arts brands based in the city, such as Harbourfront Centre and the Toronto International Film Festival, have also been experiencing funding hardships, necessitating layoffs and paused key repairs.