A gathering spot for local musicians has tuned its last guitar. After 38 years in business, the Ottawa Folklore Centre has declared bankruptcy.

"I have tried everything I know to keep this business afloat. I have invested all the money that I have available to me. I have nothing left to give, monetarily or physically," said owner Arthur McGregor in a press release.

The Folklore Centre opened its doors to local musicians in 1976, marketing itself as a place to buy instruments and to take lessons.

But in recent years the Ottawa institution has faced its share of financial struggles relying increasingly on friends in the community to stay afloat. Last year, after the centre first went public about its financial difficulties, the community held a benefit concert for the store. The successful event raised enough money to keep it open for one more year.

"This outpouring of love was humbling and heart-wearing at the same time. It is because of this love and community support that the decisions I now have to make are so onerous and difficult," he said.

After years of personal sacrifice, McGregor said it is with a heavy heart that he must finally admit that his passion is no longer sustainable. With failed attempts to find a buyer or partner in the community, McGregor said he was forced to declare bankruptcy and close the store.

The store and all its contents is now in the hands of bankruptcy trustee, Ginsberg/Gingras.

It remains unclear how this sudden closure will impact students, staff, teachers and suppliers who will lose income and payments for lessons and goods that the Folklore Centre cannot honour.