A Toronto organization behind a beloved community tradition has announced that they'll be closing down their studio space amid financial difficulties.

For the past 30 years, Clay & Paper Theatre has brought their unbelievable, large-scale pupperty to the city from their home base in the Junction Triangle, but due to recent financial challenges, part of that legacy is coming to an end.

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In a recent Instagram post, the organization, who are responsible for the beloved annual Night of Dread Festival where Clay and Paper's large-scale puppets are unleashed into Christie Pits Park, announced that they'd be closing their studio space permanently.

"Clay and Paper Theatre will have to close down our Studio at 221 Sterling Road, Unit 5 by April 30th, due to continued shrinking funding and current cost of living and unsustainable rental challenges," the caption of the post reads.

They're unfortunately not alone in their struggle. Just weeks ago, Open Studio, a nearly-50-year-old artist non-profit announced that they were facing imminent closure if they couldn't raise funds, through donation and various fundraisers.

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Clay & Paper Theatre is hoping to raise funds to continue operating in spite of losing their studio space. They're accepting monthly and one-time donations, and are hosting an upcoming open house fundraiser event.

While the doors are closing on the studio space, Clay & Paper Theatre assures the community that they're not going anywhere, and will continue to operate at the best of their capacity around the city.

Most importantly, to the event's many fans, the Night of Dread Festival will go on without a hitch in 2024, Tamara, Clay & Paper's co-Artistic Director, tells blogTO.

If you would like to help support Clay & Paper Theatre, you can donate online, or attend their upcoming fundraiser, which is happening at their studio space on April 14, from 1 p.m. to 5 p.m.