Gastown attraction in financial trouble

An underground Vancouver entertainment complex has won protection from creditors while it undergoes financial restructuring.

Storyeum cost $22 million to build, opening its doors for business in the Gastown neighbourhood in June 2004.

Much of the facility, a combination theatre-museum the size of six NHL hockey rinks, is located five storeys below the cobbled streets of the tourist-oriented area.

It was designed to handle up to 2,000 customers at a time.

David Gray, who has been appointed as Storyeum's trustee, says it is not bankrupt and that it's business as usual.

However, Gray also says that the attraction "has never been profitably capitalized. And it's never really had enough money to do the kind of marketing that it shouldto be successful.

"So as a result, although it's had lots of people through its doors, the revenues have never been sufficient to cover all the creditors in full. And they've had to look to other people to provide funding."

Gray says Storyeum has until the middle of next month to either file a financial proposal or seek an extension from the court.

He notes both Birks and Air Canada have sought similar protection from creditors and are still in business.