Theatr Gwynedd was established in the 1970s
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The final curtain has come down on Theatr Gwynedd in Bangor with the auction of its fixtures and fittings.
An 11th hour appeal failed to the Welsh Assembly Government to step in with funding to keep it intact, and seats, lights and props went under the hammer.
Theatre director Dafydd Thomas said he felt its heart had been ripped out.
The assembly government said it would not be appropriate for it to intervene because of the "arms length" principle for funding of the arts in Wales.
The theatre went into liquidation two weeks ago, just days before it was due to close.
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It's been devastating for us and the staff... the guts have been ripped out of the place
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Bangor University, which owns the building, announced the closure in January.
It plans to build a £25m new arts complex on the site - but that may not be ready until 2011.
Supporters of the theatre had wanted the assembly government to buy the fittings and keep the theatre intact and mothballed rather than shut.
Campaigner Ann Jones said: "It's been devastating for us and the staff. The guts have been ripped out of the place."
She added: "It spells the end of our quality theatre provision in North West Wales, for at least two years, and perhaps for ever, if funding for the proposed new arts centre cannot be secured.
"Events staged in shopping centres and schools will take us back to the situation pre-1975 when Theatr Gwynedd opened, which is totally unacceptable."
Bread and butter dramas
The theatre's board of directors has not revealed the extent of the debts.
Mr Thomas, who has been involved with the theatre since 1977, fears the loss will leave a gap for the arts in north Wales - the only other venues being in Llandudno and two smaller venues in Caernarfon and Holyhead.
"There's no other venue to take its place," he said.
"We provided bread and butter dramas. There will be nowhere for people to see the type of productions we had here.
"People have been asking why it had to close. Something should have been done. We've been looking but there were no other venues we could use."
Mr Thomas said he had few mementos - a programme from his first production as director in 1988 and another from the last production 20 years later. He said around half the staff had managed to find other work , but that there were many other opportunities.
As assembly government spokesperson said: "The arms length principle for funding of the arts in Wales means that it is not appropriate for the Welsh Assembly Government to intervene directly in the funding situations of individual arts organisations.
"The theatre equipment is owned by the theatre company itself and as the company has gone into liquidation, its assets will be sold.
"As there are plans to build a replacement venue, it would seem to be the better use of funds to purchase new equipment for the new venue rather than to mothball the existing equipment."
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