AKRON, Ohio -- Ticket holders for Akron's Carousel Dinner Theatre may have a tricky time getting refunds.

Many people had already bought tickets for the 2009 season.

A statement posted on the theater's Web site shows that customers are unlikely to get cash refunds. That means that people who paid by cash or check could be out of luck. those who paid with credit or debit cards are more likely to get their money back.

A formal announcement was issued Monday from the owner about the theater's planned closing. The following statement was released by Carousel CEO Joseph Palmer:

"The Carousel Dinner Theatre, LLC has cancelled its 2009 season and closed its doors effective January 4, 2009.

"For the past year, the economy has materially affected the theatre’s attendance and its ability to make cost adjustments to keep pace with the decrease in attendance. The final tipping point became the reversal of certain stakeholders’ written or verbal promises that would have had a major impact on the theatre’s continuance for the 2009 season and beyond.

"Mr. Joseph E. Palmer accepts full responsibility for this action and regrets the impact on one hundred fifty employees and their families and all others affected by this closure.

"Ticket holders who have purchased advanced tickets and gift certificates on their credit cards should immediately contact their credit card company to process a full refund."

In another statement, Palmer said, "Carousel will liquidate its assets and pay over the proceeds to the major lender. If any funds are left over, the subordinated debt holder will be paid the fair value of the security, subject to the rights of the preferential creditors. Remaining funds will be paid pro-rata to the creditors. At best, there will $800,000 left over to distribute against $4,457,000 in obligations. Realistically in today’s market, there will be no excess funds to distribute."

Actors' Summit in Hudson said it will honor the performance portion of Carousel's tickets.

Carousel was in business for 35 years.