The financially troubled New York City Opera is calling it quits.

The New York Times is reporting that the company, plagued for several years with debilitating debt and financial woes, couldn't come up with the $7 million it said it needed to mount its 2013-14 season. The company, which appealed to donors for the funding in early September, set a deadline of yesterday.

The company squeezed in one performance this season, last weekend's premiere of the new Mark-Anthony Turnage opera “Anna Nicole"; Saturday's performance at the Brooklyn Academy of Music was the company's final performance.

New York City Opera gave its first performance — of Puccini’s “Tosca” — in 1944 and has carefully curated a legacy of producing cutting-edge opera. A veritable who's who of opera greats got their start at City Opera including Beverly Sills and Placido Domingo.

The company's financial woes date back several years and intensified since it moved out of its longtime home at Lincoln Center in 2011 and started performing at theaters around the city. Although the reviews were generally glowing, the company was never able to establish a strong enough audience or donor base as an itinerant company.

Click here to see the Times full story.