Rumors had circulated of a sale for the past week, but the company adamantly denied the rumors until yesterday.

The dinner theater is part of a chain of theaters located in tourist towns such as Orlando and Pigeon Forge (home to Dollywood theme park).

The company filed a report with the State of Florida stating that 162 people would lose their job. 

Owners have stated that they are looking to rebuild at another location in Orlando sometime in the future.

Country singer and actress Dolly Parton is one of the attraction's owners.

For more information visit Orlando Sentinel.