The San Jose Repertory Theatre, a 34-year-old regional company that served California's third-largest city, has been shuttered, its board announced Wednesday.

"We deeply regret having to take this action because of the impact it will have on our 51 employees, the artists we work with each season, our season ticket holders, loyal patrons and generous donors and supporters," board president Holly Walter said in a statement. "We also regret the impact on the city of San Jose and the local arts community."

The company, like other arts organizations in the area, has reportedly had severe financial difficulties in recent years. It operated out of a city-owned facility.

In 2011, Seattle's Intiman closed under debts. That company later re-opened as a festival.