This year's pantomime at the Chipping Norton Theatre, Rapunzel, has been postponed until 2021 - the first time in 47 years.
The theatre said it was left with no other option due to the coronavirus restrictions.
But they are planning a smaller pop-up show to celebrate Christmas and they will be offering a slimmed down programme of socially distanced cinema and screenings.
Director John Terry said: “We have searched and searched for a way of continuing the sacred tradition of the Chippy Pantomime, but it simply isn’t possible to get the show on without gambling the entire theatre’s future.
"It is heartbreaking for everyone at the theatre to be unable to welcome people into a building that should be busy and full of life.”
The theatre's programme of community focussed workshops will continue this autumn – some online and some in person.
Mr Terry added: "We are pleased that we can at least continue with some cinema programming and our incredible youth theatre and community programme.
"We are planning and hoping that we can return in the spring, ready for action!"
A spokesperson added: "This is not the end of the road for The Theatre Chipping Norton.
"We continue to face unprecedented uncertainty over the coming year – uncertainty that has shaken this much loved and unique organisation to its foundations.
"But, with the ongoing support of our community, we are determined and unshaken in our belief that this beautiful theatre, founded over four decades ago, will be here, still creative and ambitious, for many decades to come.
"We will begin contacting ticket holders over the next two weeks, and ask that customers please wait to be contacted by us to arrange transferring or refunding their tickets."
Dates and titles for the slimmed down programme of cinema and screenings will be announced over the coming weeks.
Here are some ways you can help support The Theatre during this difficult time:
- Donate to The Theatre’s Head Above Water fundraising campaign - https://www.chippingnortontheatre.com/head-above-water- Donate the value of your tickets to The Theatre
- Holding the value of your tickets as a Box Office credit to use for a future event
- Purchasing Theatre vouchers or a Friends Membership as a gift
- Purchasing a Membership for yourself