The Gate Theatre in Dublin has postponed all of its productions for this year and will not reopen until 2021.
In a statement yesterday, the theatre organisation said the cancellation of nine months of shows planned for 2020 had made staging further productions "unsustainable".
"I take heart from the solidarity of our staff and our theatre colleagues as we experience this crisis together," said Selina Cartmell, director of the Gate.
"Our staff and their families have faced the uncertainty of the past few months with resilience, and our team is ready for the challenges ahead."
She said that theatre must prevail in "this brave new world".
"I continue to believe in the potential of the Gate to be a crucial incubator of great Irish creative talent and a powerful platform for the best of Irish and international artists," she added.
"In this brave new world we are facing together, great theatre must prevail."
The Gate said that, for the rest of 2020, staff would focus on "in-depth cultural development for the organisation" and work with artists on developing and commissioning new projects.
It is one of only two full-time producing theatres in Ireland and relies heavily on the box office as its main source of income, with 67pc of its annual income coming from the box ofﬁce, 23pc coming from Arts Council support and 10pc from fundraising.
The statement added that the theatre relied on "significant audience numbers", which would not be possible to achieve with social distancing in place.
Theatre & Arts Premium
Given the financial problems caused to theatre by the pandemic, it is generally acknowledged globally that the industry could suffer a fatal wound unless there are significant moves by governments to further support it. Even the normally robust and self-sufficient commercial sector is on its knees. The entire eco-system for performing art is under threat.