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ADAMS COUNTY, Colo. (KDVR) – According to a letter sent to vendors and event staff last week, Denver Mart will permanently shut its doors this spring.

The letter said, in part:

“It is with a heavy heart that I write today regarding The Denver Mart’s pending closure. The property since March 2020 has been default with its lender, is now being placed into a receivership proceeding, and will be sold through this receivership process by the end of March 2021. Since July 2020, The Mart’s lender has maintained full control over The Mart, including retaining all income and approving all expenses. The Mart’s lender has been accommodating throughout this process. However, at this time the lender must proceed in recovering the outstanding loan balance plus accrued expenses through a receiver-controlled sale of the property. Unfortunately, The Mart could not sustain or recover from the losses associated with our loss of tenants and event revenue.”

The letter continued on to tell vendors and event staff that all events scheduled after April 1 are canceled and vendors need to be out of the building by April 30.

“They couldn’t pay their bills, so it was taken over by the bank,” said Ben Furimsky, CEO and president of the Fly Fishing Show, which was supposed to celebrate its 25th anniversary this year.

Furimsky believes COVID-19 capacity rules were the nail in the coffin for Denver Mart. He claims only 75 people are currently allowed in the 1.5 million square-foot building at one time because the building is registered for ‘special event’ use.

“That has to be something like .1 percent capacity,” said Furimsky. “When they were filling out their paperwork, there was a box that they checked relative to the nature of their business that said, ‘special events.’ Had it said ‘retail,’ they would be allowed to operate under completely different regulations,” said Furimsky.

In the letter, the owners said they hope to create a “new mart” at a different venue, and are now gauging the interest of its current vendors. As for the existing building, Furimsky believes it could be gone in a matter of months.

“From what I understand, by June, it will be leveled.”

Denver Mart managing staff posted on social media the building will be closed to the public no later than May 30. The owners couldn’t be reached for comment on Wednesday.