In the report released Tuesday, the Nonprofit Finance Fund said Shakespeare & Company in Lenox also needs to raise $8.15 million to restructure long-term debt.
Shakespeare & Company says it is creating a new business model and negotiating to restructure its debt.
Last March, the theater company laid off seven employees and shifted others to part-time roles to cut costs. Year-round employees also took 10 percent pay cuts, and its founders gave up their salaries for two months.
The 32-year-old company says it's also working to "produce more plays with less money" at its three theaters.